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Wisconsin CU Emerges From Conservatorship

Once considered a failed CU, the $144 million Prime Financial Credit Union of Cudahy, Wis., is back on its feet this month-pulled out of conservatorship by the state after a new management team and board restored "normal operations."

Once considered a failed CU, the $144 million Prime Financial Credit Union of Cudahy, Wis., is back on its feet this month-pulled out of conservatorship by the state after a new management team and board restored “normal operations.”

The suburban Milwaukee CU had been under regulatory control since March 2009. Like nearly two-dozen other small Wisconsin and Illinois CUs, it had invested in Central States Mortgage Corp., an industry-run CUSO that got into financial quicksand with faulty mortgage loans, including subprime.

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Peter Westerman

 

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