NORTH CHARLESTON, S.C. – CPM FCU, struggling with a $1.6 million loss for the first three quarters, removed its two top executives yesterday and brought in a work-out specialist to manage the $270 million credit union.

Credit union representatives said both CEO George Lockwood and Executive Vice President Sally Thackston have been terminated and Jane Dobbs, who has helped work-out several of the biggest problem credit unions in recent years, including Arrowhead Central CU, Texans CU and Las Vegas’s WestStar CU, was hired.

The credit union, chartered in 1955 to serve employees of the Charleston Paper Mill, issued a terse statement last night saying it has had a change in management and will continue regular operations.

 

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