The $144 million Prime Financial Credit Union of Cudahy, Wis., once considered a failed CU and an early 2009 victim of the bankrupt, industry-run CUSO known as Central States Mortgage Corp., is back on its feet "as an independent" organization returning to normal operations.
Prime Financial had been under state conservatorship since March 2009. It was an investor, like nearly two dozen small Wisconsin and Illinois CUs in CSMC, which got into financial quicksand over faulty mortgage loans.
In a press statement, Prime Financial said it has resumed operations with a new board "a more stable market position and a clear path to build additional strength in the future."
Christine Dawe, who was appointed by the state as interim CEO last year, will continue to lead the CU, said the statement.
"We have worked hard in partnership with the National Credit Union Administration, the state, our employees and our members to strengthen Prime Financial's overall position and performance," said Dawe. "Resuming independent operations with a new member Board is a significant milestone. As we celebrate today's news, we recognize there is more work to be done. We are confident that Prime Financial can build on this success and the foundation we've laid over the past 14 months as we move forward."