PHOENIX, Ariz. – FirstCorp, the 22nd largest corporate in the U.S., has divested its share of ownership of the Arizona Credit Union League Services Corporation. FirstCorp has owned 50% of the service corporation and the Arizona Credit Union League has owned the remaining half. The two organizations have had an equal number of representatives on the ACULSC Board, and they've each had a shareholder representative who has been allowed to attend board meetings but not had voting rights. FirstCorp President/CEO Pete Pritts said the divestiture decision "is no reflection on our relationship with the service corporation. It is simply a move prompted by NCUA's interlock regulatory decision in the mid-1990s." Pritts said FirstCorp and the Arizona Credit Union League Services Corp. are already talking about other joint ventures. FirstCorp has $658.7 million in assets, as of February 2001.
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