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CUs should invest in corporates

I wholeheartedly agree with Richard Johnson, president/CEO of WesCorp, regarding his letter in the June 6 issue of Credit Union Times in which he questions why so many credit unions invest outside our own corporates. Volunteer Corporate CU (our corporate here in the beautiful state of Tennessee), is run by,...

By Staff Writer | Updated on July 10, 2001

I wholeheartedly agree with Richard Johnson, president/CEO of WesCorp, regarding his letter in the June 6 issue of Credit Union Times in which he questions why so many credit unions invest outside our own corporates. Volunteer Corporate CU (our corporate here in the beautiful state of Tennessee), is run by, in my humble opinion, one of the finest guru’s of finance-Bruce Fahnestock. The returns his corporate pays to us are so good, we here in Tennessee credit union-land would be (are?) foolish to go elsewhere for better returns (unless, of course, they’re receiving some incentive (?) to invest with a broker). We are just a little ol’ $6M asset-size credit union, but even if we were a Big Dog I’d invest what we have with him, no question. I must inquire, however, why credit union CEOs invest outside our industry when they can get better returns within? It’s truly a win-win doing business with our corporate! Thanks, Mr. Johnson, for pointing this phenomenon out. Oh, and by the way, they do a lot more for us than invest our excess liquidity. Brian Dever Manager/CEO PIAS Credit Union Nashville, Tenn.

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