CUDAHY, Wis. (5/10/10)--Prime Financial CU has officially resumed independent operations with a new board of directors, a more stable market position and a clear path to build additional strength in the future, the credit union announced Thursday. The Cudahy, Wis.-based credit union had been in conservatorship and under the control of the Wisconsin Office of Credit Unions since March 2009. Christine Dawe, who was appointed by the state as interim CEO of Prime Financial last year, will continue to lead the credit union as it returns to normal operations. "We have worked hard--in partnership with the National Credit Union Administration (NCUA), the state, our employees and our members--to strengthen Prime Financial's overall position and performance," Dawe said. "Resuming independent operations with a new member board is a significant milestone." Board members include:
* Harry B. Staffileno, chairman; * Christine Timm, vice chairman; * Eric Moore, secretary; * Ralph DeVito, treasurer; and * Steven Bejma.
Suzanne Cowan, director of the Office of Credit Unions within the state Department of Financial Institutions, said her office "would work closely" with the credit union to ensure it continues "to operate in a safe and sound manner." The credit union was chartered in 1923 as the first credit union chartered in Wisconsin. It is a full-service $144 million asset credit union serving more than 32,000 members. All deposits are insured to $250,000 by NCUA.