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NCUA reveals CEOs for conserved corporate CUs
ALEXANDRIA, Va. (9/29/10)--The new leaders of recently conserved Southwest Corporate FCU, Members United Corporate FCU and Constitution Corporate FCU were revealed by the National Credit Union Administration (NCUA) on Tuesday. The NCUA has tapped former Genisys CU President/CEO Dianne Addington to manage the operations of Southwest. Addington has a total of 37 years of credit union experience, and spent 22 years with Genisys. Charles Furbee will take temporary control of Members United. While the NCUA’s release did not indicate that Furbee had any prior credit union industry experience, Furbee has served 27 years with the Federal Reserve. The NCUA has elected to pursue a purchase and assumption action or a merger for Wallingford, Conn.’s Constitution Corporate. William White, who previously served as vice president of Constitution Corporate, will take on the role of CEO for the time being. The corporate credit unions were taken into conservatorship on Friday, in a move that gave the NCUA control over 98% of the legacy assets held by all corporate credit unions. The NCUA's plan for these legacy assets, which are made up primarily of private label, residential mortgage-backed securities, is to isolate and fund $50 billion of the assets. The assets will then be reissued as NCUA Guaranteed Notes (NGN), which will then be sold on the open market. (See related stories: NCUA acts on Corp. CUs, legacy assets, NCUA reveals new corporate CU rule (9/27/10). For the NCUA release, use the resource link.
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