Park Cha-hoon, the current chairman of the Korean Federation of Community Credit Cooperatives (KFCC), succeeded in serving a second term in the 18th KFCC chairman election.
Chairman Park became the third case of a second term since 1995 when a former member of the KFCC was elected as the head.
The election was held at the MG Human Resources Development Institute in Cheonan, Chungcheongnam-do on Dec. 20 through the K-voting system of the Central Election Commission.
Of a total of 351 electors, 346 participated in the vote, recording a turnout of 98.57%.
Chairman Park was reelected with 251 votes (72.12%) out of 346 votes, beating former KFCC Director Kim Young-jae (15.80%) and Advisor Lee Soon-soo of Anyang Nambu Community Credit Cooperatives (11.49%).
Born in 1957, Chairman Park served as Ulsan City Council member and vice chairman of Ulsan Dong-gu Council. Chairman Park, who has strengthened his position inside the KFCC, including the chairman of the Gyeongnam branch in Ulsan, the director of the KFCC, and the chairman of the Dongulsan Community Credit Cooperative, was elected the 17th KFCC chairman in March 2018.
Chairman Park, who led the 17th KFCC since April 2018, opened an era of 200 trillion won in assets. The asset size of the KFCC, which stood at 150 trillion won in 2017, was 163 trillion won in 2018 and 190 trillion won in 2019, followed by 209 trillion won last year.
As of September, it reached 232 trillion won. Net profit for the term also gradually increased. Net profit increased from 614.5 billion won in 2017 to 780.1 billion won last year, and net profit was 655.1 billion won by the end of September this year.
Chairman Park's new term of office will begin on March 15 next year, with a four-year term.