SEATTLE –The ongoing court battles over conversion and member rights at the $750 million Columbia Credit Union of Vancouver do not make for an easy work environment, but employees are handling the pressure well, according to Parker Cann, president/CEO.
Moreover, the financial condition of the CU, which ranks in the top 10 tier of Washington State CUs, remains sound with a 1.3% ROA, said Cann, who took part in the annual convention of the Washington Credit Union League held last week at the Doubletree Seattle Airport Hotel.
“It’s not exactly a comfortable feeling” with the CU getting singled out in the Vancouver/Portland, Ore. media on a regular basis as the lawsuits continue to swirl with a key test apparently headed to the Washington State Supreme Court, said Cann.
Morale at the suburban Portland CU has been high, said Cann, noting there have been “some members making withdrawals” over the last year because of the controversy depending on which side of the dispute they are on.
Cann who took over Columbia in May 2005 following an unsuccessful conversion attempt to a mutual savings bank three years ago, acknowledged the job of managing the CU remains challenging “amidst the legal complexities.”