Still suffering from the bite of losing all their Western Corporate FCU capital in 2009, credit unions report they are still capital shy when it comes to replacing corporate services.
President/CEO Robert Einstein of the $140 UMe FCU said he transferred his Burbank, Calif.-based credit union's business to Corporate America Credit Union because the Irondale, Ala.-based corporate doesn't require a capital investment for new members.
"It just wasn't a good deal for credit unions to capitalize a new WesCorp," Einstein said, referring to the failed attempt to capitalize United Resources Corporate FCU out of WesCorp's ashes. "We just weren't interested so we knew early on we were going to leave."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
