NORTH CHARLESTON, S.C. A work-out specialist brought in six months ago at troubled CPM FCU was named permanent president and CEO after helping engineer a turn-around at the $280 million paper mill-sponsored credit union.
James Gergen, an executive with 20 years financial experience, the last five at credit unions, has been working with interim CEO Jane Dobbs. He was hired as president and CEO, the credit union announced this morning.
CPM, chartered in 1955 to serve employees of the Charleston Paper Mill, reported losses of $2.6 million for 2012, but a net of $42,000 for the first quarter of 2013, since Gergen has run it. It had net worth of 7.4% at March 31
Gergen was brought in after the credit union’s top executives, CEO George Lockwood and Executive Vice President Sally Thackston, were fired. Gergen has helped work-out several of the biggest problem credit unions in recent years, including Arrowhead Central CU and Texans CU.
“We have been so pleased with all the wonderful, positive change happening at CPM the selection of James Gergen as CEO is just what we need at CPM to drive us to the next level of success,” said Gwen Miller, chairman of the CPM board.
