PALM DESERT, Calif. — For Paula Edwards, the formerpresident/CEO of Nationwide Federal Credit Union, the conversionand merger into Nationwide Bank last November turned out to be avaluable learning experience “with wisdom gained and lessonslearned” about respecting the moral rights of CU members.

In what was described as a compelling narrative presented tosenior managers of state leagues meeting at the AmericanAssociation of Credit Union Leagues' Annual Meeting, Edwards calledthe role of her board in setting favorable payout terms for members“incredible” and also expressed appreciation to NCUA Board membersfor their guidance.

“We did our best for members,” said Edwards in detailing the $79million pro-rated payout culminating a two-year scenario in whichthe parent insurance firm moved to merge and convert the Columbus,Ohio CU into Nationwide Bank.

Edwards left the CU Dec. 31. She is mulling job prospects andwants to stay in the credit union industry if possible.

“I love credit unions and my heart has been there for 30 years,”said Edwards, who was replaced by the new Nationwide Bank ownershipwith the appointment of Anne L. Arvia, president of a $1.8 billionChicago community development bank.

In contrast to other conversions where members have been in thedark on board actions, the Nationwide case was clearly handled withtransparency and due diligence and on that Edwards expressedgratitude to regulators, her staff and board.

The manner in which the payout transaction was carried out canbe a “hopeful” blueprint for the rest of the industry “inunderstanding the real way to return equity,” she said.

An AACUL spokesman said Edwards' appearance at the Palm Desertconference was part of a session devoted to conversion discussionthat was “closed” to the press.

Also at the conference, league executives heard presentations onmember outreach projects including the successful Juntos Avanzamosprogram aimed at Hispanics run by the Texas League and one to theunderserved by the Iowa League.

In the area of outreach, Tom Sargent, president/CEO of FirstTech Credit Union in Beaverton, Ore., discussed the growing role ofCUs in Children's Miracle Network and it was noted that he is nowthe first CU chairman of the CMN Board of Trustees, based in SaltLake City.

On another topic, two more state leagues, North Carolina andPennsylvania, also announced they have signed up with CUNA foreducation and training agreements in which CUNA does speaker andprogram coordination.

In a separate session, two Washington political consultants,Stuart Rosenberg and Ed Brookover, gave their read on the 2007Congress and the outlook for legislation in such areas as healthcare, immigration, retirement and global warming. Rosenberg ispresident of the New Democrat Network and Brookover is chairman ofpolitical science at Greener & Hook in Arlington, Va.

Brookover told the AACUL conference that “overall the country isstill center-right,” which puts Republicans in a strong positiongoing into the 2008 elections. –[email protected]