Doug Thompson, CEO of the $82 million Aberdeen FCU, said the question of whether or not to recapitalize corporates mirrors a question facing the entire credit union movement: cooperate more or less?
"I believe this could mark the beginning of the end of our movement," said Thompson, who also serves as chairman on the Mid-America Credit Union Association board. "If we don't need each other to solve the corporate problem, we won't stick together for anything."
That being said, the South Dakota-based credit union hasn't yet decided if it's going to recapitalize Members United Corporate FCU. Aberdeen FCU has written off more than $600,000 in contributed capital, and Thompson said he and his board must first review Members United's business plan and NCUA final corporate regulations and legacy assets plan before making a final decision.
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