SCRANTON, Penn.–Edward J. Fox, the former CEO of Mid-Atlantic Corporate FCU, has been named interim CEO at Valor Credit Union following the departure of VCU’s former CEO.
The $227-million Valor CU did not provide a reason for why former CEO Sean E. Jelen has left the position after approximately three-and-a-half years.
CitizensVoice.com reported that the credit union had sent a letter to its members in late August that said “Sean Jelen is no longer president and CEO at Valor Credit Union,” but it provided no further explanation. CitizensVoice.com also quoted Valor CU spokeswoman Amy Crain as saying, “It is an internal, personnel matter and we won’t be commenting on it.”
Valor Credit Union has reported two straight quarters of losses, including $286,983 in its June 30 5300, and $73,696 at the end of Q1. In the final two quarters of 2014 Valor CU reported more than $1 million in net income. Valor CU has dramatically increased its purchase of participation loans.
Fox also previously served as interim CEO at Cross Valley FCU in Pennsylvania.