PASADENA — The industry's largest corporate kicked off its annual meeting and Future Forum yesterday in style, with nearly 250 WesCorp members gathering at the Ritz-Carlton Hotel in historic Old Town Pasadena.
NCUA Board Member Gigi Hyland was the annual meeting's featured speaker, and discussed the need for credit unions to be more strategic in their planning.
WesCorp reported a 2006 increase in member share balances, up 13.6% to $2.24 billion. Total assets increased by $3.44 billion, a 13.4% gain, to end the year at $29.1 billion.
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Standard & Poor affirmed WesCorp's "AA-/A-1+" counterparty credit ratings, and Moody's Investor Service affirmed its Aa3 senior unsecured and Prime-1 commercial paper ratings. Additionally, WesCorp reported an overall membership increase of 30 credit unions during the year, bringing the total to 1,068, representing 43 states and Guam.
California Agribusiness Credit Union CEO Adam Denbo was elected to WesCorp's only open board position this year. Denbo, who operates a $23 million institution, ran on a campaign that urged small credit unions to elect one of their own.
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