HARRISBURG, Pa. – The $3 billion Mid-Atlantic Corporate Credit Union stepped up its campaign to distance itself from U.S. Central and other hard-hit peers calling attacks on the corporate network "irresponsible" as the Pennsylvania firm stressed again its improved performance adding members the last two months.
In commenting on the corporate plight, Jay Murray, president/CEO, said "what you're seeing is not about the structure of the corporate credit union network, it's about parameters and risk management and oversight" adding, "it's ironic that some of the very credit unions that pressured some corporates to pursue higher returns are the very same calling for drastic changes to the entire structure of the corporate network."
Murray also expressed frustration at media comments treating "all corporates as if they are all financially the same."
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Though the corporate based in nearby Middletown had unrealized 2008 losses of $36 million "due to the stock market fluctuations," Mid-Atlantic "has no liquidity shortage and we have no OTTI in our portfolio and our unrealized losses actually decreased in January to $25 million."
Murray's comments come as his corporate prepares for an expected overflow crowd of Pennsylvania CEOs at a special information session Wednesday on bailout events co-hosted by Mid-Atlantic and the Pennsylvania Credit Union Association and slated for a Hershey hotel. The original site had been PCUA offices in Harrisburg but was moved over the weekend because of the high interest and "overwhelming demand."
Mid-Atlantic is also planning an updated conference with members Feb. 19 plus a session during CUNA's GAC in Washington Feb. 24.
"Judging all corporates by the actions of a few is irresponsible," concluded Murray.
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