A new president took the reins of Washington State's private insurer earlier this month.

Joel G. Edwards became president of Washington Credit Union Share Guaranty Association effective June 1. He replaces Stephen Toftoy, who was let go in March.

Before taking the position, Mr. Edwards spent eight years with the Farm Credit Bank of Spokane, including a stint as assistant vice president of budget and policy management. He also served on board committees of Spokane Teachers Credit Union.

Washington Share Guaranty covers 77 credit unions and has been under fire by the state's director of financial institutions, John Bley, who is seeking to abolish it. Last month he told the private insurer's chairman, Tom Lundbom, to find a new president quickly.

"My intent is to work with the regulator," Mr. Edwards said.

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