WesCorp Members Fish for a New Corporate
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.
President/CEO Kathy Garner estimates her Catalyst Corporate counts about 500 members from the West, most of which were once WesCorp members.
More than 300 of those members have deposited capital in the $2.2 billion corporate, exceeding Catalyst’s goal of 284. The remaining 200, she said, are still in flux, and have until September to either move their services elsewhere, or contribute capital at Catalyst.