Two top executives out at North Charleston-based CPM Federal Credit Union
The two top executives at one of the region’s largest and oldest credit unions have abruptly left the lender.
George W. Lockwood is no longer president and CEO of North Charleston-based CPM Federal Credit Union. Also, Sally Thackston is out as executive vice president.
Lockwood and Thackston could not be reached for comment Wednesday.
“They are no longer here,” said Patty B. Sailer, marketing manager for the 62-year-old member-owned credit union.
The reasons for their departures were not disclosed.
“We have made some changes,” Sailer said. “We will continue to update our web page.”
She would not comment further.
CPM Federal chairman Gwendolyn H. Bennett did not respond to telephone messages left at her home.
Thomas Dority, vice chairman of the CPM Federal board, said early Tuesday afternoon that he was unaware of any executive shake-up.
“I don’t know anything about it. ... I haven’t heard anything,” Dority said.
Board member and treasurer Richard L. Scott Jr. referred questions to “the new CEO,” who could not be reached Wednesday.
Lockwood’s successor is Jane Dobbs, whose LinkedIn profile describes her as a credit-union turnaround expert from the Phoenix area.
CPM Federal posted a brief statement on its website late Tuesday afternoon without identifying its new leadership.
“CPM Federal has had a change in management, and will continue regular operations as normal,” the statement said. “Since 1955, CPM Federal has held a commitment to service excellence and member satisfaction. We look forward to continuing to serve our membership.”
As of June 30, CPM Federal had $272 million in assets, making it the 11th largest of the 73 credit unions based in South Carolina, according to the National Credit Union Administration and the S.C. Credit Union League.
The lender has 15 branches in the Lowcountry, Midlands and Piedmont region and about 65,000 members.
CPM Federal was started in a shed on the grounds of the former Westvaco paper mill in North Charleston to provide workers with a place to save and borrow at affordable rates. It began expanding outside the region in the 1980s.
Little information was available Wednesday about Thackston. Lockwood had worked for CPM Federal since 1986, according to a 2007 profile of him published in the Credit Union Journal. He was promoted to the top job about seven or eight years ago.
CPM Federal made a minor splash in the industry when it acquired a failed Charleston credit union in 2008. Otherwise, it has remained a low-key operation that is known for supporting the communities it operates in.
Contact John McDermott at 937-5572.