NCUA takes over US Central and Wescorp

BREAKING NEWS:

THE NCUA HAS JUST TAKEN CONSERVATORSHIP OF BOTH U.S. CENTRAL FCU AND WESCORP.

Initial reports are that the NCUA is going to fee regular credit unions another 10 basis points.

NCUA Press Release 3.20.09

Management at US Central and Wescorp will be replaced:
Wall Street Journal 3.20.09

Reuters story on it 3.20.09

WesCorp’s new CEO, Philip Perkins, says blah blah blah, business as usual, safe and sound, blah blah blah. This is not the Corporate you were looking for.

Oh, and also the NCUA will hold a webinar at 2pm Eastern time on Monday 3.23.09 about the take-overs of US Central and WesCorp.

Tags: Conservator, Conservatorship, NCUA, Take over, US Central, WesCorp