BAKERSFIELD, Calif. – Kern Schools FCU announced yesterday its longtime president Vince Rojas will retire, amid growing financial difficulties at the state’s 11th largest credit union.
The retirement comes as the $1.7 billion credit union has been struggling with declining financials; a $24.3 million loss for 2008 and a $26.1 million loss for the first quarter ($15.3 million of it related to the corporate bailout and a $10.8 million operating loss), and net worth below 6%, putting it on NCUA’s watch list of troubled credit unions.
Rojas, 69, has been head of the credit union since 1989. He planned to retire early this year, but agreed to stay another 12 months to help the institution recover from a downturn that has prompted NCUA to intervene. Kern Schools is one of 10 large credit unions on NCUA’s special actions list.
The credit union launched a nationwide search for his replacement this week.
