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Conn. Banking Dept. holds town hall meeting with NCUA
MERIDEN, Conn. (12/3/10)--The State of Connecticut Department of Banking recently hosted a town hall meeting in conjunction with the National Credit Union Administration (NCUA) to update Connecticut credit unions on the conservatorship of Constitution Corporate FCU.
Presiding at the Connecticut Dept. of Banking Town Hall Meeting were, from left, Charles Furbee, Acting CEO, Members United Bridge Corporate FCU; Bill White, Interim CEO, Constitution Corporate FCU; Scott Hunt, Director, NCUA Office of Corporate Credit Unions; and Connecticut Banking Commissioner Howard Pitkin. (Photo provided by Credit Union League of Connecticut.)
Connecticut Banking Commissioner Howard Pitkin welcomed nearly 75 representatives from Connecticut credit unions and introduced guest speakers who addressed the transition as Members United Bridge Corporate FCU assumes the assets of Constitution Corporate FCU. Keynote speaker Scott Hunt, director of the NCUA Office of Corporate Credit Unions, outlined the steps leading to the assumption of Constitution Corporate FCU’s operations by Members United Bridge Corporate FCU. “When looking at the placement of Constitution’s operations,” Hunt explained, “we held two principles up front: minimal cost to you [Constitution’s member credit unions] and the cost effect to the [NCUSIF] insurance fund. That, and a number of other factors, including shared systems-related operations, led us to select Members United Bridge as the ideal choice for assumption.” Charles Furbee, acting CEO of Members United Bridge FCU, reviewed the bridge corporate’s position on a number of issues and offered his assurance of a transparent transition takeover with full cooperation of Constitution Corporate FCU’s staff. Bill White, interim CEO of Constitution Corporate FCU, reviewed the developments leading to the conservatorship proceedings and thanked member credit unions for their support during his 23 years of service at the corporate.


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