MANHATTAN BEACH, Calif. (12/23/09)--Kinecta FCU announced Monday that its board of directors has initiated a search for a new president/CEO. Current President/CEO Simone Lagomarsino has resigned from her position. She will remain with the organization through Dec 31. “I speak on behalf of the entire board in expressing our appreciation to Simone for the leadership she has provided to Kinecta over the past three-and-a-half years,” said Mary Yasui-Yamabe, Kinecta board chair. “Her leadership, through an extraordinarily difficult time, has been invaluable in ensuring Kinecta came through the global financial crisis and challenging economic environment safe, sound and strong. “Our 2009 losses were due principally to WesCorp investment write-downs, building our allowance for loan losses, and National Credit Union Shared Insurance Fund expenses,” Yasuyi-Yamabe continued. “Our fourth-quarter numbers reflect the strength and stability of our operations and our credit union, and clearly show the worst is behind us. Kinecta’s rate of delinquency formation has been declining for several months, our capital ratio is now 6.63%, up 22 basis points in the past two months, and we plan to restore operations to profitability and bring the capital ratio above 7% in 2010. “During Simone’s tenure at Kinecta, we have significantly improved operational effectiveness, increased efficiencies and enhanced technology infrastructure,” she added. “We wish her the very best moving forward, and have no doubt she will be successful in this next chapter of her career.” Lagomarsino led the credit union for 3.5 years. “I leave Kinecta knowing the credit union is healthy and has a strong capital position with exceptional performance and member satisfaction,” she said. “I have no doubt Kinecta will achieve great success ahead.” Kinecta FCU, based in Manhattan Beach, Calif., has $3.93 billion in assets.