Archive

In This Issue:

  1. Top Story
  2. Market Update
  3. Investment Services
  4. Payment Systems
  5. Member Center Update
  6. WesCorp News
  7. Upcoming Events
  8. Product/Service Spotlight

Top Story

2009 Forecast: After the dust settles -- Part One

Since the beginning of the credit crisis, there have been at least nineteen “major” initiatives by the Federal Reserve and the U.S. Treasury Department. These have included the “Special Purpose Liquidity Fund,” “Hope Now,” various “new” Fed lending facilities to banks and brokerage firms, the Bear Stearns rescue, the Fannie/Freddie takeover, and the ill-fated TARP legislation. With each of these announcements came this standard line from the various officials: “This will help restore confidence in the financial system.” Many popular financial market gurus even echoed that sentiment.
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Market Update with Dwight Johnston

Reality Bites

Most of the recent economic data has been almost shockingly weak. The headlines accompanying most releases typically read “Biggest Decline in 25 Years!” While most of the stock market’s woes can be traced back to huge forced selling by hedge funds, pensions, insurance companies, etc., the denial phase that the economy was weakening in the face of a major credit crunch ended. In September it seemed that the stopper was pulled out of the bathtub, and all the rubber duckies hit the dry, barren bottom of reality.
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Investment Services

September Financials Continue to Show Strong Earnings

Through the third quarter of 2008, WesCorp continues, on a cumulative basis, to record strong earnings that exceed planned levels. WesCorp’s net income for the nine months of 2008 totaled $40.8 million. Net income for September, a modest $115 thousand, was expected as it reflected more than $3 million related to the reversal of income recorded in the previous year's restatement of certain derivative transactions. Through September 2008, WesCorp has recorded $10.7 million of the nearly $13 million anticipated reversals to be recognized during 2008. In addition, September saw an overall decrease to retained earnings amounting to $477 thousand, comprised of net interest income of $1.6 million and other operating income of $2.8 million, offset by other operating expenses of $4.3 million and PIC dividends of $.6 million. 
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Payment Systems

Altura Credit Union Gets Greener, More Efficient

Altura Credit Union in Southern California was looking for ways to reduce costly check and invoice processing, improve reporting, and achieve easier and more reliable spend tracking. And as part of its strategic initiatives, Altura was looking at ways to reduce paper and become more environmentally responsible. Through its relationship with WesCorp, Altura took the next step and introduced in late 2007 WesCorp's Purchasing Card solution.
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Holiday Cash Ordering Update

Before you know it, the 2008 holiday season will be upon us! WesCorp will make every attempt to obtain holiday currency as long as requests are received within the deadlines below.
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Member Center Update

What’s New on Member Center? Information, Easy Access to Resources - and $Thousands in Potential Savings!

Discover our new Purchase One ROI Calculator, Easy Access to Loan Participation Resources, . . . and MOM.
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WesCorp News

Meridian Trust FCU helps Operation Best Wishes kick off a fifth national tour

Operation Best Wishes, the annual holiday program that sees military families tap the webcast resources of Overland Studios to send special Web greetings to their deployed loved ones, marked the start of its fifth national tour on Friday, October 24, courtesy of Meridian Trust Federal Credit Union.
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Rickards Named new Senior Director, Compensation and Benefits

Suzanne Rickards has joined WesCorp as our Senior Director of Compensation and Benefits.
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Supporting CIF

WesCorp is pleased to play a part in giving back to the credit union community by offering Community Investment Fund (CIF) investments. Credit unions can open a CIF account at WesCorp—either a certificate or a share account—and the dividends from the CIF account are split with half going back to the credit union and the other half going to the National Credit Union Foundation, and also to the state league for that investing credit union.
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2009 Holiday Schedule

The Federal Reserve has announced its holiday schedule for 2009. WesCorp will follow the same schedule as shown…
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Upcoming Events

  • November 11: WesCorp offices will be closed in observance of Veterans Day
  • November 13: Beyond the Balance Sheet Webcast - Living Credit Union Values
  • November 14: Safety & Soundness Webcast - Quarterly Update on WesCorp Financials
  • November 18: CU Essentials Workshop - Tools To Serve The Immigrant Market
  • November 25: CU Essentials Webcast - Loan Participations (Origination and Pricing)
  • November 27: WesCorp offices will be closed in observance of Thanksgiving
  • December 9: Beyond the Balance Sheet Webcast - Up Close with Dwight Johnston
  • December 25: WesCorp offices will be closed in observance of Christmas

See entire schedule…

Product/Service Spotlight

IMAGEin (Check processing via image capture)

The modernization of item processing! Take advantage of cost savings and increased security inherent in processing images rather than paper items by participating in the IMAGEin solution.
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