As many as 30 credit unions in West Virginia and Ohio have been scrambling to establish new correspondent vendors after a regional and national bank terminated their accounts over the past few weeks.
Dennis DeGroodt stepping down after 16 years at helm. Kitty Gray moving up after 14 years as chief financial officer at corporate.
Reports of banks closing credit union correspondent relationships have extended to New York and New Jersey.
Louisiana Corporate Credit Union has emerged victorious from a decade-long suit involving the liquidation of National Century Financial Enterprises. The corporate, in an announcement last week, said it has agreed to a $600,000 settlement with Credit Suisse, the last remaining defendant in the securities fraud case.
Huntington, JPMorgan Chase closed accounts at up to 30 West Virginia, Ohio credit unions, their corporates say.
Texas-based corporate posts $14 million in profits, coverage ratio of 88%.
Purchase price not disclosed for 129,321-square-foot facility that once housed one of the largest of the corporate credits unions, pre-collapse.
CEO David Savoie says 98% of losses recovered. Legal fees at 10% sharply lower than NCUA contingent fees.
Illinois-based Alloya to maintain suburban Detroit office of CenCorp after merger closes on April 30.
Corporate collapse settlement totals now top $335 million, agency says. Lawyers to get $84 million. Corporate rescue assessment to be determined.