WesCorp attempts to merge with PacCorp

SAN DIMAS, Calif. – Late in the year Credit Union Times broke a story about WesCorp presenting a consolidation offer to PacCorp (Hawaii’s corporate). PacCorp’s CEO and chairman shot down the offer. WesCorp said it has been urged by some Hawaii CUs to develop a local presence in Hawaii to better serve its Hawaii members (44 Hawaii CUs are members of WesCorp). WesCorp President/CEO Dick Johnson believes that rather than WesCorp coming into Hawaii and building up a local infrastructure, PacCorp and WesCorp should “consolidate” to avoid duplicating efforts in the state. Johnson said PacCorp members will benefit from WesCorp’s diverse product and service menu while still enjoying the local presence of PacCorp. PacCorp President/CEO Rand Yamasaki was reticent about the deal, only saying that the offer was rejected because Hawaii CUs have made it clear they want and need their own corporate that can provide personalized service. Johnson wrote two letters to Hawaii CU CEOs outlining why he felt a consolidation would benefit Hawaii CUs. Since the deal was shot down Johnson said WesCorp will get a business development office up and running in Honolulu in the first quarter of 2002, and begin building its local presence.