The California credit union that acquiesced to NCUA pressure to remove a controversial web ad suggesting its safety/soundness record was superior to competing CUs and banks decried "economic terrorism" Monday erecting a "no to bailout" sign in front of its main branch.
"Our taxpayer members resent paying for the Wall Street bailout," explained Stuart Perlitsh, the president/CEO of the $329 million Glendale Area Schools FCU which last week posted a billboard ad which read "Just Say No to Bailout Banks–Bank Responsibly, Right Here Right Now."
Three weeks ago Perlitsh deleted a "5-Star Bauer Rating" mention from the CU's Web site following phone calls and letters from NCUA's regional brass in Phoenix complaining the competitor comparisons run counter to safety/soundness regulations warning that a failure to comply could produce "penalties."
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But this week Perlitsh said the new sign in front of its main branch in Montrose underscores a management view that national bailout developments have gone awry and now "time and again the taxpayer is getting hit with the bill–it is economic terrorism."
GASFCU is "proud to report we do not require taxpayer bailout money" and is glad not be associated with the likes of Bank of America or AIG, said Perlitsh. The CU is now planning future display banners and marketing material which read, "Kiss Your Banker Good Bye and "Did Your Bank Take a Bailout? We didn't."
The California CEO acknowledges his eagerness to speak out on key economic issues and has said his positions should be viewed as a free speech right.
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