WOOD RIVER, IL (KTVI) – Police in Wood River Illinois are investigating a robbery at the Vintage Credit Union. At the time, he said the freeze was temporary and would be lifted as soon as business picked up. His alleged short-term fix which is on its 5th year serves as yet more evidence that the credit union’s financial standing is faring poorly and that rumors of declining business are evidently true. Over the next two years, the credit union would pay out $30,000 to $33,000 per month, in interest.
President Wiggington may have proven to be quite incapable of developing strategies that produce real profit, but what he lacks in imagination and competency is over-compensated with by his adamant need to camouflage the credit union’s lagging performance. In February 2010, the credit union issued its Income Statement/Balance Sheet which reported profits in excess of $200,000 for the month of January 2010.
Hardly the type of prudent planning that should be entered into by a credit union that is in dire need of new business and from an organization that touts itself as a financial fitness center. As it turned out, the credit union never generated profit during the month of January. The President and then COO, Beatrice Walker, transferred monies from one of the credit union’s general ledgers and applied them to the month of January 2010, all to create the appearance of profit.
Later that year, on December 31, 2010, the credit union reported losses in excess of $500,000. Under credit union policy, approved loans remain active and eligible for funding for a total of 30-days. If a member wishes to fund that loan, a new credit report will be ordered to determine if the member’s credit history has undergone any changes. The procedure is designed to protect the credit union and it also protects a member who might not be able to afford obtaining a loan. The new procedures allows an approved loan to remain actively in the credit union’s database even after the 30-day period has expired.
For years, he boasted that Priority One’s membership approximated 30,000 members but as we reported in our last post, earlier this year, Employee Services Director, Robert West, authored an article for HigherUp in which he stated that the credit union’s membership approximates 26,000 members. As we reported a few weeks ago, Priority One’s sole Business Development Representative, Joseph Garcia, resigned and left the credit union for new employment. Over the next three months, his patron, COO, Beatrice Walker, would promote him to the post of Credit Manager, and Real Estate and Consumer Loan Department Manager.