Valley Strong CEO to retire next summer
The board at Valley Strong Credit Union in Bakersfield, Calif., has named Nicholas Ambrosini as its next president and CEO. He will succeed Stephen P. Renock, IV, who plans to retire on July 1.
The credit union, formerly known as Kern Schools FCU, rebranded as Valley Strong earlier this year.
Ambrosini has been with the credit union since 2007, serving in roles such as manager of internal audit and risk management, director of financial planning, VP of finance and chief financial officer.
“I deeply appreciate the board’s confidence in me and look forward to working with them to build a brighter future for our organization,” Ambrosini said in a press release. “My thanks to Mr. Renock who through the years has been my mentor and friend, as well as my biggest supporter.”
Renock will retire having spent almost five decades in the financial services space, including having also served as CEO of SchoolsFirst Credit Union and MUNA Mutual Mortgage Corporation. He has been CEO of Valley Strong since 2009.
“It has been a privilege and honor to lead this organization,” Renock said. “I’m confident we will continue our tradition of helping people and communities prosper, thanks to our strong, capable leadership in place, as well as our team, that will guide the credit union during these particularly challenging times.”
Valley Strong has nearly $2.1 billion in assets and serves almost 150,000 members, according to the National Credit Union Administration. It earned almost $8.9 million during the first half of the year, down from $10 million during the same period in 2019.