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CU System
Wisconsin regulator takes over Prime Financial CU
CUDAHY, Wis. (3/3/09)--The Wisconsin Office of Credit Unions took control of Prime Financial CU of Cudahy, Wis., on Friday, and appointed Christine Dawe as an agent to conduct the business of the credit union. A new management structure will be put in place, but the credit union’s daily operations should remain the same, the Wisconsin Department of Financial Institutions (DFI) said in a press release. Members of Prime should not experience any interruption of service at any location served by the credit union. Member accounts remain federally insured by the National Credit Union Share Insurance Fund up to at least $250,000. Regulators have removed Prime Financial’s CEO, Richard Koenig, and the credit union’s board of directors, said Suzanne Cowan, director of the Wisconsin Office of Credit Unions. Dawe, a consultant with expertise in helping troubled credit unions, is currently leading the credit union, Cowan said (Milwaukee Journal-Sentinel Feb. 28). An investigation concerning the management of Prime Financial is being conducted, but members' deposits are safe, Catherine Haberland, executive assistant for the Wisconsin DFI, told the newspaper. Although the credit union lost nearly $8 million in 2008, it is solvent and conducting business as usual while under the purview of the state regulator, Haberland added. Prime Financial CU is a state-chartered, federally insured credit union chartered in 1923. It was the first credit union chartered in Wisconsin. It is a full-service, $190 million credit union with more than 37,500 members.
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