CONCORD, Calif. — Cal State 9 CU Chairman John DeClercq informed Credit Union Times yesterday that CEO Jackie Wong remains at the helm of the credit union. Credit Union Times may have been "misled with the addition of well known industry veteran Judy Hurst to our team. She has been brought in to work with our credit union to assist in our in-depth, system-wide review of our loan portfolio as well as help with other business strategy development activities. Judy will report to Jackie, and I know she will bring great value to our credit union," said DeClercq in an e-mail.
DeClercq further noted that "approximately two-thirds of the loans in our HELOC portfolio were made to borrowers with A+, A and B ratings; only about 15% of this portfolio would be considered subprime." [Cal State 9 has a 35.4% spike in the delinquent loan ratio for the June quarter and its Real Estate Other (REO's/foreclosures) are increasing at an accelerated pace.]
Regarding the likelihood of a merger, DeClercg stated, "as with any business proposal, our Board will always carefully consider and assess merger possibilities to see if they make sense for our members and our credit union."
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