Monday, March 30, 2015

Credit Union Journal  |  Monday, July 23, 2012

The Life and Death of WesCorp It was once considered the most progressive of corporates, the only question being how big it might eventually grow. Today, WesCorp is gone. Credit Union Journal details what happened at WesCorp, the NCUA Board's struggle with the growing problem, why it wasn't recapitalized and more.

The Life & Death of WesCorp

How one corporate came to grow fast, grow big, and grow into a problem that couldn't be resolved.

The Bridge To Nowhere: Debate Over Why Credit Unions Refused To Recapitalize WesCorp

As its new name implied, Western Bridge Corporate FCU was designed to be a short-term bridge to something new — ideally, a new corporate capitalized by member credit unions — that was made up of something old: most of WesCorp's operations.

The Birth, Life & Death Of WesCorp

Some highlights from the history of WesCorp.

Board Minutes Reveal Rising Worries Among NCUA Board, Concern WesCorp Using a 'Filter'

Not until Feb. 26, 2009, did discussion about real trouble at WesCorp begin in the NCUA boardroom. That's when it was brought to the board's attention that expected losses at WesCorp were well ahead of the corporate's $2-billion capital position.

Western Bridge CEO Reflects on 42 Tumultous Months

Phil Perkins shouldered the task of guiding WesCorp FCU after NCUA conserved the former $32-billion corporate giant. He talked with Credit Union Journal about his experiences at WesCorp/Western Bridge.

Former NCUA Chairman Michael Fryzel Discusses The Months Leading Up To WesCorp Conservatorship

NCUA board member Michael Fryzel describes the mood and the thinking at NCUA in the months leading up to the conservatorship of WesCorp and U.S. Central, and shares how quickly concerns over WesCorp turned to full-fledged recognition there were significant problems and conservatorship was the only option.

Apr 08 - 10 | Card Forum & Expo

Chicago Downtown Marriott
Chicago, IL
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Jun 01 - 03 | NCCR

Hyatt Regency
New Orleans
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Exit Interview
After 42 years at the credit union, outgoing Michigan State University FCU CEO Pat McPharlin recently looked back -- and forward -- in this brief interview one day before his retirement.
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