CEOs quit at two corporates, one of which approves plan to merge with third institution.

The chief executives of two corporate credit unions that were forced to divest securities resigned within 24 hours of each other last week.

Mark N. Starr, chief executive of Corporate One Credit Union, resigned Nov. 30. The next day, J. Clayton Brooke, chief executive of Capital Corporate Federal Credit Union, quit.

Spokesmen for both corporates said the executives were not forced out.

Since Mr. Brooke's departure, the Capcorp board has moved to merge with Western Corporate Federal Credit Union, San Dimas, Calif.

The boards of both institutions voted Wednesday to open merger negotiations, with the goal of completing the transaction by year's end, said Pat Keefe, a spokesman for the National Association of Federal Credit Unions. Capcorp and WesCorp are members of the trade group.

Mr. Keefe said Capcorp had been seeking to merge because it was having difficulty filling the increased liquidity needs of credit unions.

The National Credit Union Administration recently ordered Corporate One and Capcorp to dump collateralized mortgage obligations that had been devalued by rising interest rates.

Bob Loftus, director of public and congressional affairs for the NCUA, said the agency hadn't pushed the corporates' boards to oust the executives.

Corporate One, Columbus, Ohio, was required to sell three holdings for a $4.4 million loss, which will be realized against annualized net income, said Keith Riddle, vice president of marketing for the institution. The corporate will suffer a $700,000 operating loss for 1994.

After the sale, the $920 million-asset corporate has $94.7 million of total capital and a primary risk-adjusted capital-to-assets ratio of 6.9%, according to Corporate One. Capcorp, Lanham, Md., was pressed to liquidate two investments for a $1.4 million loss, Mr. Keefe said.

Mr. Keefe said that, despite the diverstiture, $1.5 billion-asset Capcorp would earn money this year.

The institution has $65 million of total capital and a primary risk-adjusted capital-to-assets ratio of 7.7%, he said.

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