Corporate Recapitalization Ramps Up Peer Pressure on CUs
Sundie Seefried , the CEO of Partner Colorado Credit Union, is sick of it and made it plain that she for one is not going to take the blame for hurting small credit unions.
Seefried’s sin? Her Denver-based $220 million credit union–a result of merging Eagle Legacy with Denver Water Credit Union–has firmly decided not to capitalize any corporate credit union and to take its correspondent services business elsewhere.
Other credit unions have decided to show all their cards, however, and for the most part these are institutions that have decided to remain part of the corporate credit union system.
At the $228 million Washington, D.C.-based Department of Commerce FCU, CEO Evan Clark said, “I am running a business, not a charity. I have no moral obligation to fund a corporate. We are running banks, not churches.”