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CU System
WesCorp has strongest year to date
TORREY PINES, Calif. (5/21/08)--Despite the turmoil in the markets during 2007, Western Corporate FCU (WesCorp) experienced its strongest year to date, posting total assets of $31.6 billion, the corporate announced at its 39th annual meeting Monday in La Jolla, Calif. Net interest income increased by 47% on the year to $157.6 million, and the efficiency ratio ended the year at 46.3%, down from 56.56% at year-end 2006. "Our financials are super strong; the strongest year we've had," WesCorp President/CEO Bob Siravo told the 275 CEOs, chief financial officers and executives attending. He added that WesCorp and other corporates, including U.S. Central, serve as a shield, protecting their members from the instability of today's capital markets. Siravo spoke of his disappointment that VolCorp's bid to merge with WesCorp was not approved by federal regulators, but said WesCorp's merger with SunCorp is ready to move ahead as planned, contingent on further market stabilization. He noted the spreads are narrowing. During the year, WesCorp added 27 new member credit unions, bringing its total membership to 1,055 credit unions in 44 states and Guam. Also at the meeting:
* Three directors were re-elected to three-year terms. They were: Adam Denbo, president/CEO, California Agribusiness CU, Bueno Park, Calif.; Diana Dykstra, president/CEO, San Francisco Fire CU, San Francisco; and Jim Jordan, president/CEO, Schools Financial CU, Sacramento. * The executive leadership remained unchanged. Bob Harvey, president/CEO of Seattle Metropolitan CU, Seattle, continues as chairman; Jordan as vice chairman; and Timothy Kramer, president/CEO of KeyPoint CU, Santa Clara, Calif., as recorder/financial officer.
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