WESCORP: ANOTHER $50M IN LOSSES
SAN DIMAS, Calif.-WesCorp FCU reported further deterioration in its collateralized debt obligations and subprime paper added another $49.4 million in losses for the month of March. March's losses wiped out almost $26 million in net income in January and February and sank the troubled corporate credit union into the red to the tune of $36.3 million for the first quarter. WesCorp had a $1.2-billion loss for 2009.
SALLIE MAE PLANS 2,500 LAYOFFS
RESTON, Va.-Sallie Mae, reeling from the pending elimination of the federally guaranteed student loan program, announced it plans to eliminate 2,500 of its 8,000 workers as a result of the new law.
FIRST HERITAGE FCU GETS NEW CEO
PAINTED POST, N.Y.-First Heritage FCU said its long-time CEO Arthur Field is retiring and will be succeeded as head of the $310-million CU by his former protégé Daniel Rourke, the president of nearby Olean Area FCU.
CU OPENS RALPH'S GROCERY BRANCH
GLENDALE, Calif.-Clearpath FCU this week opened a new branch in Fontana inside a Ralph's Marketplace, one of the credit union's sponsors.
TELLER CHARGED WITH $63K THEFT
SEATTLE-A former teller at Windward Community FCU was indicted on charges of stealing $63,500 from member accounts. Billie Jean Collins allegedly withdrew the funds in amounts of $200 to $9,000 on 18 occasions from October 2008 to January 2009.
NEW BOARD PAYS $2.5M DIVIDEND
NEW YORK-Polish & Slavic FCU is paying its members a $2.5 million special dividend this week to coincide with the anniversary of the Polish Constitution of 1791.
FLORIDA CU TO SHUTTER 2 BRANCHES
JACKSONVILLE, Fla.-Community First CU of Florida, struggling with big losses the past two years, announced it is closing two branches.
CEO AT TROUBLED AEA FCU RETIRES
YUMA, Ariz.-AEA FCU, which reported big losses the last two years, said its president, Ken Bredemeyer, is retiring and will be succeeded on an interim basis by Denise Sweet-McGregor, a long-time EVP.
$1.6M LAUNDERED THROUGH CU
OAKLAND, Calif.-The former treasurer of Niman Ranch was indicted on charges of embezzling $1.6 million from the natural meat sellerller and laundering the funds through Cal State 9 CU, then Patelco CU, which took over Cal State 9 in 2008.
WILDFIRE CU SPREADS TO BAY CITY
SAGINAW, Mich.-Wildfire CU, formerly Communications Family CU, said it plans to open a new branch in Bay City this fall, its second branch opening slated for the year.
