WesCorp Conservator Passes Audition For Permanent Job

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SAN DIMAS, Calif. – Philip Perkins, an investment banker brought in as conservator of WesCorp FCU more than two years ago, has been hired to be permanent CEO of the newly constituted corporate, which will be called United Resources FCU.

The deal is tentative upon approval of the NCUA, and the successful chartering of the new corporate credit union. The arrangement would be for three years.

Perkins, then a senior vice president and senior portfolio manager at bond house Delaware Investments in Philadelphia, was brought in by NCUA after it took WesCorp under conservatorship in March 2009. Since then he has overseen the operations of the failed corporate and helped NCUA liquidate the one-time $34 billion corporate.

Perkins has held executive positions at Deutsche Bank in London and Moscow, and was a mortgage bond trader at Salomon Brothers.

The corporate currently is soliciting its 1,000 credit union members for a new capital offering of $200 million.


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Corporate credit unions