Although the NCUA's revised Temporary Corporate Credit Union Share Guarantee Program won over most of the original corporate holdouts, two wholesales were not included on the regulator's June 1 list of final participants: the $96 million Iowa Corporate Central Credit Union and the $4.3 million LICU Corporate Federal Credit Union.
Iowa Corporate Board Chair Roger Reiser said participating in the share guarantee "didn't provide much value to our membership" because Iowa Corporate is "very well capitalized". The Des Moines, Iowa-based corporate reported 22.44% net worth and a 14.21% retained earnings ratio on its 1st quarter 5310 report.
Though technically a corporate, LICU was not offered the share insurance guarantee because the wholesaler's primary function is to provide payroll clearing services for former IBM credit unions, said Chair Frank Berrish, President/CEO of the $2.2 billion Visions Federal Credit Union.
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