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Former CEO seeks 3M after CUSO deal cancelled
MILWAUKEE, Wis. (4/15/09)--The former president/CEO of Prime Financial CU, Cudahy, Wis., is seeking nearly $3 million from Guardian CU, West Allis, Wis., in a lawsuit alleging breach of contract stemming from the two credit unions' cancelled merger. Rich Koenig left Prime Financial CU in December. His suit alleges he signed a 10-year contract with Guardian to become its president of consulting service development, where he would run its credit union service organization (The Business Journal of Milwaukee April 10). The credit unions announced in October that they intended to merge (News Now Oct. 10). However, Koenig left Prime Financial in December to pursue other interests, the credit union announced in February. The proposed merger was cancelled in February (News Now Feb. 20). In March, citing management issues, the Wisconsin Office of Credit Unions took control of Prime Financial and dismissed its board of directors (BizTimes.com March 3). Koenig also resigned in December as chairman of Central States Mortgage Co., a mortgage company co-owned by 25 credit unions. Central States closed shop in March and filed for a conservatorship liquidation earlier this month.


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