NCUA Appoints Gary Jester to Serve as CEO at Chetco FCU During Conservatorship
September 27, 2011
September 27, 2011
A veteran credit union professional with more than a quarter-century’s experience in the corner office has been appointed by the National Credit Union Administration (NCUA) to helm Chetco Federal Credit Union during its conservatorship.
According to Gary Jester’s LinkedIn profile, he received a similar assignment from the regulator at Rapid City Telco Federal Credit Union a year ago.
“I was engaged by the credit union’s Board of Directors and approved by the National Credit Union Administration to review and make changes to this institution as needed, in order to get it back to a healthy financial status,” noted Jester in the profile.
Prior to serving as interim CEO at Telco, Jester spent 24 years as President/CEO at Texas-based Advancial Federal Credit Union. A board member who endorsed Jester credited him with helping to grow assets and market share. On Jester’s watch at Advancial, assets were reported to have grown from about $100 million to over $670 million. The credit union had locations in Dallas, Houston, Louisiana and Oklahoma and shared international reach.
Jester will work with the NCUA and Chetco staff to determine the scope of the credit union’s portfolio and to determine the best course of action to serve Chetco’s more than 32,000 members. The credit union serves members in Coos and Curry counties in Oregon and in Del Norte County in California. The regulator has repeatedly stressed that depositors’ accounts are insured and that service will not be interrupted for members.
The NCUA announced Friday evening that it had placed the credit union in conservatorship. The Volunteer Board of Directors and CEO Diane Johnson were removed by the regulator. Johnson had served as CEO for only the past few months. Several board members told local newspaper the Curry Coastal Pilot that they had been working with examiners for the past several months and were surprised that the institution was placed in conservatorship.
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