Representatives from 11 small corporates gathered at the Monte Carlo casino and hotel in Las Vegas yesterday to discuss their options for the future.
A so-called U.S. Central Branch Option was debated in which some small corporates would merge into the Lenexa, Kan.-based cooperative and survive as branch offices.
Pete Pritts, CEO of the $963 million First Corporate Credit Union, said he attended the meeting and that corporate representatives brainstormed "proactive ways to provide value to members," especially if the proposed corporate regulations are finalized. He confirmed the U.S. Central proposal was among the strategies discussed; however, he called it a "new concept" and said U.S. Central is still soliciting feedback from members.
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Pritts declined to list corporates that attended the meeting. Eastern Corporate Federal Credit Union spokesman Alan Bernstein said he was "mindful some U.S. Central members have done some planning," but said the $932 million EasCorp did not attend the meeting and he was unfamiliar with any details.
FirstCorp hasn't yet decided upon a plan of action, Pritts said, but is considering shifting some services to a CUSO owned by members or even converting to a mutual savings bank. Pritts hosted a town hall meeting Dec. 8 with members in which he discussed all of these options.
"Everything is still on the table," he said.
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