Two member credit unions say they aren't running for the exitsat Corporate America Credit Union following the July 3 announcementthat CEO Thomas Bonds had resigned from the $3.3 billion corporate. However, theyexpressed disappointment and concern that the maverick andcharismatic leader will no longer lead the Irondale, Ala.-basedinstitution.

“It is clear that the corporate credit union industry ischanging. As such, I believe that I can better use the skills Ihave acquired over the past 25 years to assist credit unions withbrokerage services,” Bonds said in a release.

He said he will continue to serve credit unions with brokerageservices. However, he did not say if he would sell investments forCorporate Financial Solutions, CACU's investment CUSO. Bondstold Credit Union Times he would not comment on his resignation orfuture plans.

Steve Swofford, president/CEO of the $515 million Alabama Credit Union, said he's disappointed that Bondsresigned because he credits him with Corporate America's successduring the corporate crisis. Corporate America was one of a fewcorporates that did not write off member-contributed capital afterU.S. Central Federal Credit Union failed in 2009.

The Tuscaloosa-based ACU isn't shopping for a new corporate, noris Swofford concerned about the future of Corporate America thanksto its strong capital and client base.

“My perspective is, I won't become concerned now, but the futurewill depend upon who they select as a successor and his or herqualifications,” he said.

Swofford said he's spoken to interim CEO Dan Buckley twice butdoesn't know him well enough to judge whether or not he'd be a goodpermanent replacement.

“I know he came to Corporate America with many years ofexperience at the NCUA, working with corporates, so I would assumethat he knows the mechanics of a corporate, how they operate andthat sort of thing,” he said.

Buckley joined Corporate America in 2010 as senior vicepresident of risk management and took over as interim CEO whenBonds took a leave of absence from the credit union in April.Before coming to CACU, he was corporate field supervisor for theNCUA, where he worked for 25 years.

Buckley will continue in his interim role until Bonds'replacement is selected. He would not say if he will pursue thepermanent position.

“The board recognizes this change in leadership may beunexpected news for some members; however, Corporate America likemost organizations was prepared for a change in leadership with amanagement succession plan that has worked exceptionally well,”said Board Chairman Steve Nix.

Alabama Credit Union invested capital in Corporate America, butPresident/CEO Robert Einstein of the $140 million UMeFCU moved his business from the now-shuttered Western Corporate FederalCredit Union to CACU because of Bonds' strategy of not requiringcapital from new members.

Einstein said he's a little concerned about Bonds' departure andsaid he will keep his eye on the corporate and any strategicchanges that might occur as a result. However, he added that theservice he's received has been excellent, and UMe does notanticipating leaving Corporate America at the moment.

Buckley said he's not concerned that Corporate America will haveto replace such a visible leader.

“Corporate America is about our products and our services andproviding the best possible delivery of those to our members,” hesaid. “I don't believe Corporate America is about any oneindividual. Corporate America existed long before the corporatemeltdown, and that's when Thomas gained his visibility, and it willcontinue beyond.”

Buckley said the corporate has no plans to require that membersinvest capital.

Corporate America and the $218 million Louisiana CorporateCredit Union first announced the intent to merge in January 2011but have been waiting for nearly a year to gain approval from the NCUA. Boththe Louisiana Office of Financial Institutions and the AlabamaCredit Union Administration have approved the plan.

LaCorp President/CEO David Savoie said Bonds' resignation willnot impact the merger.

“Thomas was, in many ways, an exceptionally talented CEO, and assuch, he left an organization that does not depend on any oneperson for the continuity of its operations,” Savoie said.“Further, I worked closely with Dan Buckley for several years atNCUA, and I know he is very capable of continuing to successfullymanage Corporate America as its interim CEO.”

Bonds was the subject of a documented feud with the NCUA Office of Corporate Credit Unions DirectorScott Hunt that involved supervisory issues at Corporate Americaand media articles in which Bonds was critical of the corporatesystem. Bonds also led a lawsuit against U.S. Central, claiming securities fraud inconnection with the December 2008 conversion of $450 millionin member capital sharesinto Tier 1 capital.

According to the Financial Industry Regulatory Authority, whichperforms financial regulation of member brokeragefirms and exchange markets, Bonds is registered as a broker withthe Milwaukee-based Quasar Distributors LLC, a division of U.S.Bancorp. Quasar is the distributor of Corporate America's CU ShortDuration Fund, with U.S. Bancorp serving as the fund administratorand CFS as the fund's investment adviser.

As of March 19, Bonds was licensed in seven states: Alabama,California, Florida, Georgia, Louisiana, Mississippi and Texas. Hepassed his General Securities Representative exam in November 2011and the Uniform Combined State Law Examination in March 2012.

Bonds is also registered as an Investment Advisor for CFS. He isapproved to practice in Alabama, Florida, Georgia and Louisiana,with “restricted approval” in Texas.

President/CEO of Corporate America for the past 11 years, Bondswas the recipient of Credit Union Times' Trailblazer Award for 2011 CEO of the Year, largely based onhis guidance of the corporate throughout the financial crisis.Under his leadership, CACU members lost no membership capitalshares or paid-in capital, one of the few corporates to do soduring the financial crisis.

Prior to CACU, Bonds was employed at the NCUA as an examiner forcorporate credit unions and principal examiner for natural personcredit unions. He is also licensed as both a CPA and attorney inAlabama.