SAN DIMAS, Calif. - WesCorp has set a new RUDE record for corporates. WesCorp has announced that its reserves and undivided earnings (RUDE) reached the $400 million milestone in May. WesCorp is the first corporate credit union, including U.S. Central, to reach this level of RUDE. The $400 million in RUDE allows WesCorp to remain self-sufficient by being able to pay all of its operating expenses from earnings on RUDE and fee income. According to WesCorp it also enables it to pay back nearly all investment earnings to its member/owners via higher yields on CU investments. "I am proud to see WesCorp reach this milestone," said president/CEO Richard Johnson. "The financial strength of WesCorp represents the strength and commitment of our members. Their loyalty and support exhibit the premise of the credit union philosophy, people helping people. WesCorp was created in this vision, to provide services to credit unions previously available only from banks." WesCorp has approximately $12 billion in assets. WesCorp has a regulatory capital ratio of more than 7%. -pgentile@cutimes.com
From the June-14, 2000 issue of Credit Union Times Magazine • Subscribe!
WesCorp reserves and undivided earnings reach $400 million
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