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:
- 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+'