Cabrillo Credit Union's interim CEO sticking around for the long haul
Cabrillo Credit Union in San Diego on Wednesday said that Michael DeShazo has been named as president and CEO.
DeShazo had been serving as the interim CEO since late June, after former CEO Anne McClure left the $370 million-asset credit union for undisclosed reasons.
Cabrillo CU noted that DeShazo has been with the credit union since 1996, and has served in several positions over the past two decades, including stints as its chief operating officer and chief administration officer.
The CU released a statement describing DeShazo as having been “pivotal in shaping the credit union’s growth, as well as setting the tone for a strong culture, for members and employees.” During his time as interim CEO, Cabrillo CU said it instituted a “rigorous vetting process” that included multiple interviews with a third-party executive recruiting firm before choosing DeShazo.
Richard Amezcua, chairman of Cabrillo, said the board is “very excited” to see where DeShazo will lead the CU. According to Amezcua, during DeShazo’s four months as interim CEO, the credit union has seen “amazing transformations,” including two of the best loan production months in its history.
Cabrillo CU credited DeShazo with creating some of its most successful programs, including a payroll assurance loan and subsidized ATMs.
Cabrillo Credit Union serves those employed by the U.S. Border Patrol and other federal agencies in the San Diego area, plus Sharp HealthCare, Carlsbad City employees, and anyone who lives or works in San Diego County. It has four branches in the San Diego area.
In its most recent call report, Cabrillo Credit Union earned roughly $963,000 for the first six months of this year, down almost 25% from the first half of 2018. As of June 30, it was considered well capitalized with a net worth ratio of 8.45%.