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The $1.5 billion Eastern Corporate Federal Credit Union and $238 million Midwest Corporate Credit Union have joined the Corporate Credit Union Share Guarantee Program. EasCorp’s board approved the change of heart on April 27, followed by Midwest Corporate’s board on April 29.EasCorp said it originally turned down the offer because it didn’t adequately protect member capital and could cause the board to “potentially lose control” of the corporate’s future. Midwest Corporate CEO Doug Wolf said the original agreement conflicted with strategic plans he had at the time, but those goals have since been met.The NCUA announced revisions April 21 that it said eliminated ambiguities and provided greater flexibility to participants. EasCorp and Midwest agreed.“EasCorp’s board of directors, in consultation with legal counsel, was satisfied that all previous concerns had been addressed and remedied in the revised agreement,” EasCorp’s May newsletter stated.Wolf said the revised deal is more flexible and has more precise language, and said the NCUA’s changes resolved Midwest Corporate’s opposition.The $1.75 billion First Carolina Corporate Credit Union and $100 million Iowa Corporate Central Credit Union are the only corporates who have not yet signed the LUA; both say they will announce their respective boards’ decisions soon.–handerson@cutimes.com

Joe DeMichele Has Been Hired asWesCorp’s Chief Investment Officer

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