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News Now

CU System
U.S. Central announces AL management change
LENEXA, Kan. (2/6/09)--U.S. Central Thursday announced that Dave Dickens, executive vice president of asset/liability management, has left the firm, effective immediately. The wholesale corporate's asset/liability division, which manages its $33 billion investment portfolio, will report directly to President/CEO Francis Lee. "This is a critical junction for U.S. Central," Lee said. "We will continue to evaluate our needs in portfolio management, and we will act accordingly based on our ongoing assessment." In assuming direct accountability for the division, Lee will direct eight portfolio managers and related staff who handle day-to-day portfolio functions. "We have an experienced asset/liability team that already handles portfolio operations effectively on a daily basis," said Lee. "I am confident it will continue to do so under my leadership." Last week the National Credit Union Administration announced a corporate stabilization plan that would include injecting a $1 billion capital note into U.S. Central. The corporate system was facing growing demands on liquidity and capital stemming from the dislocation of the market.


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