Still suffering from the bite of losing all their Western Corporate FCU capital in 2009, credit unions report they are still capital shy when it comes to replacing corporate services.
President/CEO Robert Einstein of the $140 UMe FCU said he transferred his Burbank, Calif.-based credit union's business to Corporate America Credit Union because the Irondale, Ala.-based corporate doesn't require a capital investment for new members.
"It just wasn't a good deal for credit unions to capitalize a new WesCorp," Einstein said, referring to the failed attempt to capitalize United Resources Corporate FCU out of WesCorp's ashes. "We just weren't interested so we knew early on we were going to leave."
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