Jeff York, the president and chief executive officer of CoastHills Credit Union, has been placed on temporary leave, according to a prepared statement from the board of directors released Friday.
The statement signed by Hugh Rafferty, chairman of the board, said Dal Widick has been named interim CEO but because of “privacy considerations” provided no information about why York is on temporary leave nor when it started.
“Because this issue involves confidential personnel matters, the credit union is not able to provide additional information at this time,” Rafferty said in the statement.
However, he said the temporary leadership change “does not involve or impact CoastHills members or credit union operations in any way” and the staff is continuing to manage its day-to-day operations.
Widick is a former CoastHills senior vice president who retired in 2015, so he “knows the credit union, its members and the local community well,” Rafferty said.
He has more than 40 years of experience in the financial services industry and served as president and CEO of three credit unions.
“CoastHills is in good hands with Dal, and he has the full faith and confidence of the board,” he said.
York served as executive vice president of CoastHills until 2004, when he was named president of the credit union that’s currently headquartered in Lompoc. Last summer, the credit union began construction of a new $27 million, three-story, 91,000-square-foot headquarters in Santa Maria.
Under York’s tenure, CoastHills went from a federal to an independent credit union whose assets hit the $1 billion mark in 2016, making it the second-largest financial institution on the Central Coast. Montecito Bank & Trust has just under $1.4 billion in assets, according to the California Department of Business Oversight.
The Credit Union Times, considered the news magazine of record for the credit union industry, reported York’s total compensation was $569,332 in 2015, the most recent year the magazine said information was available from an IRS Form 990 filed by CoastHills.
That total included $48,702 in bonuses and incentives, $24,800 in retirement and other deferred compensation, $17,866 in nontaxable benefits and $77,030 in other reportable compensation, according to the Credit Union Times report.
York also had a $6.9 million split dollar life insurance policy, two mortgages and a home-equity line of credit through CoastHills in 2015, according to the report.