Iowa Corporate Central Credit Union CEO Sara Flynn told the Credit Union Times her board and management team weighed the benefits and risks of participating in the NCUA's Temporary Corporate Credit Union Share Guarantee Program. But most importantly, she said, the group's focus was on protecting the interests of member credit unions.
"Although Iowa Corporate is not immune to the deteriorating financial markets, we are proud of the business decisions we have made in the past which position us well and provide very limited exposure to the challenges many financial institutions face today," Flynn said.
She added that the Des Moines-based corporate is "extremely well capitalized with a regulatory capital ratio over 25% as of December 31, 2008."
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Ultimately, the board unanimously voted to not participate in the program, citing that the program did not offer "added substantial benefit to the Iowa credit unions and would cause an undue burden of additional supervisory conditions."
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