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CU System
WesCorp former board wont contest conservatorship
SAN DIMAS, Calif. (4/7/09)--The former board of directors of Western Corporate FCU (WesCorp) Monday announced its unanimous vote against contesting the recent decision by the National Credit Union Administration (NCUA) to place WesCorp into conservatorship. The former board met four times to review legal options since the NCUA took conservatorship action on March 20, said the corporate in a press release. "Counsel was received from multiple law firms across the country, and the board unanimously concluded that any legal challenge to the establishment of the conversatorship would be very problematic and the cost extraordinarily high, given the likely outcome," WesCorp said. Bob Harvey, former chairman of the board, said, "We received encouragement and support from many WesCorp members, but the former board, after careful consideration, believes litigation is not a viable alternative. "At this point in time, the best way to minimize losses to the share insurance fund and member credit unions is to support the NCUA in its strategy to hold US Central and WesCorp investments to maturity," Harvey added.


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