Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
FirstCorp asks CUs to join the revolution (07/04/2011)
PHOENIX (7/5/11)--Claiming it has survived the financial crisis, First Corporate CU invited credit unions to "Join the Revolution" during its 34th annual business meeting in Scottsdale, Ariz. First Corporate CU delivered its business and capital compliance plan to its membership on Thursday. First Corporate CU credit union-members have until July 31 to notify the corporate about perpetual contributed capital conversion and nonperpetual capital account subscriptions. "Now that we have survived the crisis, developed a business and capital compliance plan and have proven the critics who said ‘bigger is better' wrong, our next test will be administered when the future of FirstCorp is in the rightful hands of our member-owners," said Pete Pritts, president/CEO of the Phoenix-based corporate. FirstCorp will make the necessary operating adjustments "to live and fight another day," said Greg Harden, FirstCorp executive vice president and chief investment officer. FirstCorp board and committee election results were also announced at the annual meeting. Elected to three-year terms to the board of directors via acclamation were:
  • David E. Doss, president/CEO Arizona State CU, Phoenix;
  • Bruce Rodela, president/CEO, Frontier Financial CU, Reno, Nev.; and
  • Robert Swick, president/CEO, Hughes FCU, Tucson, Ariz.
FirstCorp 2011-2012 Board officers are:
  • Chair--Doss;
  • Vice Chair--Rodela;
  • Treasurer--Robert Ramirez, Vantage West CU, Tucson, Ariz; and
  • Secretary--Dan Desmond, president/CEO, TruWest CU, Tempe.
Incumbent Robin Romano, CEO, Marisol FCU, Mesa, Ariz.; was appointed to a three-year term to the FirstCorp Supervisory Committee, and incumbent Stephen Dunham, president/CEO, Canyon State CU, Phoenix, was appointed to a three-year term to the FirstCorp Credit Committee. In another development, Fitch ratings agency on Friday affirmed and witdrew its ratings of FirstCorp, including its long- and short-term issuer default rating (IDR) of ‘A-' and ‘F1+,' respectively. The rating withdrawal reflects Fitch's view that FirstCorp is no longer considered relevant to Fitch's coverage due to lack of market interest. Fitch will no longer provide rating or analytical coverage of the corporate. Fitch affirmed and withdrew the following ratings:
  • Long-term IDR ‘A+'
  • Short-term IDR ‘F1+'
  • Individual ‘E'
  • Support ‘1'
  • Support Floor ‘A+'


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
20 hours ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
21 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
23 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago