Patelco Taps Kenneth Burns For CEO Post
SAN FRANCISCO-Patelco CU, the nation's 10th largest credit union, has hired Kenneth Burns, the president of $1.3-billion Technology CU, in nearby San Jose, as its new CEO.
Burns will succeed Andrew Hunter as president of the $4.3-billion Patelco. Hunter, 58, a protégé of Ed Callahan, has headed Patelco the past six years after Callahan retired.
The well-known Callahan, who also chaired the NCUA Board in the 1980s, died last month at 80.
Patelco has run afoul of the state's poor economy in the past two years, reporting a $40- million loss for 2008 and a $7-million loss for the first quarter of 2009. Burns will be greeted with a tough charge, in fact charges of more than $60-million Patelco will have to report for its share of the corporate credit union bailout and the failure of WesCorp FCU. He will also be faced with the integration of two failed Bay Area credit unions acquired by Patelco last year, Sterlent CU and Cal State 9 CU.
Burns has headed Technology CU since 1995 and before that was president of Bay FCU. Prior to that he was an auditor for O'Rourke and Clark, now known as McGladrey and Pullen.
Big CU Merger In Florida Has Been Called Off
SARASOTA, Fla.-A proposed merger announced three weeks ago between Sarasota Coastal CU and MidFlorida FCU of Lakeland has been cancelled. Tom Randle, CEO of Sarasota Coastal, told the local Herald-Tribune that it withdrew from the deal because MidFlorida had "reneged on a promise to seat two SCCU directors on its board," the paper reported.
State House Passes Mortgage Reform Bills
HARRISBURG, Penn.-The state House of Representatives voted unanimously to approve two measures to further reform the state's mortgage industry, the Pennsylvania CU Association reported.
H.B. 986 would ensure that consumers are informed of the terms of their mortgage and prevent brokers from withholding information about interest rates, fees or monthly payments, the state league said. H.B. 985 would prevent an employer from taking actions against employees who report a violation of any law or take part in a mortgage fraud investigation, hearing or inquiry. Currently, protections only apply to employees when they report a violation of the state Banking Code, but not if they report a violation of other law.
The two bills now head to the state Senate for consideration.
Filene Now Recruiting New Members For i3
MADISON, Wis.-The Filene Research Institute is now recruiting 15 new members to join its i3 innovation program for two-year terms beginning in fall 2009.
Filene said good candidates are innovative, insightful, and passionate credit union professionals who have not yet reached the CEO level, but who are in positions with substantial responsibility.
In addition to honing their innovation skills and supporting the credit union system, i3 members benefit from the relationship-building and professional development opportunities that are intrinsic to the program. Filene i3 members reflect diversity in experience, job responsibilities, geography, and credit union membership.
Application deadline is May 31. For info: http://filene.org/home/innovation/i3/2009application
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