PHOENIX (10/6/11)--Pete Pritts, president/CEO of First Corporate CU, has submitted his resignation, effective immediately. He has worked with credit unions for 24 years. Greg Harden, FirstCorp executive vice president/chief investment officer, has been named interim president/CEO, the corporate credit union said in a release. Harden has been with FirstCorp for 22 years. His responsibilities include investment, lending, credit risk and balance sheet management. “I am taking this action, after lengthy consideration, so both the credit unions and I can move forward,” Pritts wrote in his resignation letter. “I am leaving a well-capitalized FirstCorp in compliance with Part 704 of the Corporate Regulation and a sound 6% leverage ratio,” he added. “It is my belief that FirstCorp is the most solid corporate credit union in the West and is well positioned to thrive as part of a solution for credit unions.” "Pete’s leadership has navigated us through these critical times of revised regulation and new capitalization standards,” said David Doss, FirstCorp’s board chairman. “His efforts have resulted in strong financial and operational performance for FirstCorp. Doss said the board will explore a range of options as it searches for Pitts’ replacement. “We have strong and experienced leaders in Greg Harden and Stacy Glidden, our chief operating officer, who continue to drive our funds management and payment systems businesses respectively,” Doss said.