Following the cancellation of a previously planned merger, Kinecta Federal Credit Union has appointed a new chief executive.
The Manhattan Beach institution, L.A. County’s largest credit union, announced Monday that Keith Sultemeier would take over the top spot April 23. Sultemeier was previously an executive with a credit union in San Antonio.
“Keith stood out as a trusted, seasoned credit union leader with a passion for serving members,” said Kinecta Chairman Darryl Johnson in a statement. “He possesses the distinct mix of skills and experience we were looking for: strong and trusted leadership skills, proven track record in credit union management and excellent communication skills.”
Kinecta said it would appoint a new chief executive following its decision last month to call off a merger with NuVision Federal Credit Union in Huntington Beach.
Originally announced in June 2010, the blockbuster merger would have created one of the largest credit unions in the country. However, the deal was complicated by regulatory delays and uncertainty in the economy, executives said.
Roger Ballard, NuVision’s chief executive, was appointed to lead both credit unions jointly when the deal was announced. He now will return to his original role with NuVision.