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From the October-01, 2008 issue of Credit Union Times Magazine • Subscribe!
In Today's World, Are You Confident in WesCorp's Investments and Financials?
The issues confronting them are some of the same issues facing natural person credit unions, so we certainly understand their position. I'm very confident with WesCorp's financials and management. That's key, their management. They've always been supportive of us, and we'll continue to support them.<p><strong>Norman Ranallo, CFO<br>$1.8 billion Kern Schools FCU, Bakersfield, Calif.</strong></p><p>Yes, but the trouble is, you don't know what to believe anymore. Lehman Bros. said everything was fine just three days before they shut their doors. Nobody's solid anymore, and it falls apart more every day.</p><p><strong>Jim Fillbrandt, Director<br>$1.8 billion Kern Schools FCU, Bakersfield, Calif.</strong></p><p>Yes. I don't think it's to their advantage to hide the situation. It's in their best interest to maintain member confidence, and I don't think they'd deliberately do anything to jeopardize that.</p><p><strong>Devric Thomas, CFO<br>$90 million Pacific Transportation FCU, Gardena, Calif.</strong></p><p>Yes. WesCorp is the pinnacle of safety and soundness, and if you look at their stress testing, it shows that.</p><p><strong>Michael Duffy, CEO<br>$300 million Financial Center Credit Union, Stockton, Calif.</strong></p><p>We are very confident in WesCorp. They've been very up front with what they're doing. Even with this accounting change, they've explained it fully, so we are very comfortable with them.</p><p><strong>Myrna Paulin, CFO<br>$66 million SD Medical FCU, San</strong> <strong>Diego, Calif.</strong></p><p> </p><p> </p>
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