Corporate America Credit Union President/CEO Thomas Bonds is drawing up plans to close his membership at U.S. Central Federal Credit Union, saying once he settles on other payment systems providers, his Irondale, Ala.-based corporate is "running for the nearest exit."
Bonds said he'll submit a recommendation to his board within a few weeks and anticipates closing his membership early next year.
Citing U.S. Central's losses as his $2 billion corporate's primary reason for leaving, Bonds said, "I can't think that Corporate America is doing its job to protect members unless we at least explore life without U.S. Central." He also said the timing is right because Corporate America is in the process of replacing its operating system.
The process of shopping other service providers has made Bonds realize U.S. Central is "unnecessary," he said.
Bonds expressed regret for corporate employees who have lost jobs or may lose them if the corporate system is restructured, calling them "good, talented people."
