Charles Faulkner, president/CEO of the $67 million Jefferson Credit Union in Birmingham, Ala., could probably write the book on how credit unions might prepare for the fallout from a municipal bankruptcy.
In fact, Faulkner and his credit union are going through such an experience now – "and fortunately we're OK," he says – following last Wednesday's court filing of the nation's largest municipal bankruptcy at $4.5 billion by Jefferson County, the state's most populous and home to its largest city.
Jefferson CU, holding a community charter and with 9,000 members in seven counties, was formerly known as Jefferson County Employees CU before shortening the name and diversifying its membership.
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