The Snake Rears Its Ugly Head

THE ANNOUNCEMENT

We had a completely different post in mind but were diverted by a notice posted last week on Priority One Credit Union's website. The message announced that the credit union's Annual Meeting will take place at the main branch in south Pasadena, California on May 27, 2009, starting at 6 p.m.

The notice appears to be a reaction by President Charles R. Wiggington, Sr. and Board Chair, Diedra Harris-Brooks, to comments posted on this blog by readers who are concerned about the credit union's financial standing.

As we've recently reported, President Wiggington has refused to post the credit union's Monthly Income Statement for March 2009, despite the fact he is required to do so under State law. The reasons for his refusal are two-fold. The first is that his refusal is a demonstration that he has sufficient power to defy law and not publicize information that could find its way to the Internet.

The second reason is that he doesn't want proof that Priority One is failing, made public. Evidence of failure would bring into question his frequent declarations that business is growing and the credit union, prospering. President Wiggington has often proven that he is not a realist, choosing to cleave to a personal belief system that must insist that things are great when they're clearly not. 

We were able to publish the credit union's financials obtained from their quarterly Financial Performance Report ("FPR") before last Thursdays', all-staff meeting conducted at the main branch. Before we go on, here is the message published by the credit union on its webpage:

Annual Meeting Notice

Wednesday May 27, 2009

The annual meeting of Priority One Credit Union will be held Wednesday, May 27th, 2009 at 6:00 PM. The meeting will be held at South Pasadena Headquarters 1631 Huntington Drive South Pasadena, CA 91030.

At the meeting, the CEO will report on the status of the Credit Union. In addition, the results of our election will be announced at the Annual Meeting. In accordance with the Credit Union’s bylaws, notice was given to the membership that Nominations by Petition were sought for one (1) vacancy on the Board of Directors, and two (2) vacancies on the Supervisory Committee. Nominations for these vacancies closed at midnight on February 28, 2009, and no nominations by petitions were received. Thus, in accordance with the bylaws, the nominees selected by the Nominating Committee for each of the positions will be deemed elected. Except as provided above, no other new business will be conducted at the Annual Meeting.

Priority One Credit Union.

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This is the first time the credit union has provided such a detailed account of the nomination process on its website. In fact, its unprecedented. The message is a response to our posts, describing interference of the electoral process by President Wiggington and Board Chair, Diedra Harris-Brooks. The two officers tried limiting publication of the notice inviting members to submit themselves as nominees for the upcoming election. Last month, an emergency meeting was conducted in South Pasadena during which the Board and Supervisory Committee tried to forge a response to our expose'. They decided that they would have to expand publication of the invitation which the President and Board Chair originally limited to only members who have checking accounts. 

But this certainly isn't the first-time the Credit Union has reacted to our reporting. The President finally published March's Monthly Income Statement which he had said would be made public during the May 2009 Annual Meeting. His intent was illegal and after being exposed of this, published the report.

A few days before the all-staffing was scheduled to take place, Human Resources had every employee sign agreements that state they understand they cannot disclose confidential information divulged during the upcoming meeting and that if doing so, will result in disciplinary action. 

A second document issued to all employees informs employees that that they must report violations of confidentiality perpetrated by co-workers. 

Though the documents are intended to stop the disclosure of confidential information, we know that no all information dispensed during an all-staff meeting is deemed confidential. So how is the credit union going to differentiate which information is confidential and which is not? We doubt, they will take the time to do so. 

Employees cannot be coerced into reporting co-workers who they believe may have violated confidentiality. The credit union is creating a wonderful dynamic in which to breed divisiveness and carryout witch hunts. 

During the all-staff meeting, employees where informed that breaches of confidentiality will result in terminations, lawsuits and heavy fines.  The fact is, Priority One cannot determine if heavy fines will be ordered. That's up to a judge. Furthermore, unless the breach makes public trade secrets and information that serves to undermine business, it is highly unlikely Priority One can file a lawsuit, except one that is frivolous. 

In 2007, President Wiggington spent months traipsing about the main branch and telling whoever he could force to listen, about about the employees he'd already terminated, why he terminated them and which employees he planned on terminating. His statements were not only a violation of credit union policy, they were a violation of state law. 

In 2007, the President promoted Liz Campos to the post of AVP even though she had incurred more than 24 separate NSF incidents to her credit union checking account during the months of September 2006 through January 2007. An investigation proved she had been kiting- a federal offense. 

In 2008, an investigation proved President Wiggington was guilty of sexual harassment, another federal offense. He should have been tried, but Board Chair, Diedra Harris-Brooks, exhausted all channels to ensure the evidence was squashed and the President, reinstated. 

The President and the Board Chair recently violated state law when they purposely limited the posting of notices announcing the upcoming election and invitation to members, that they nominate themselves to run for any of the available sets on the Board of Directors and/or Supervisory Committee. Our expose' forced them to restart the electoral process or at a financial cost to the credit union. 

The forms distributed by the credit union are an act of hypocrisy. Evidently, the President and the equally hypocritical Board and Supervisory Committee have delued themselves into believing they are exempt from abiding to to credit union policies and state and federal laws. 

The credit union paid for Kian Mashirzadeh of Turner, Warren, Hwang and Conrad, the credit union's external auditor, to come and speak at the all-staff meeting. Mr. Kian spoke about the importance of guarding confidentiality and distributed a handout, titled "The Member is King". One page of the handout was titled, "Trust and Integrity" and contains the following sentence:

We are here because the members trust us" and "Indeed this is the standard for all credit unions." 

Unfortunately, Kian was either ignorant about the behaviors of the President and the Board or as a paid consultant chose to ignore these. Charles R. Wiggington, Sr. has consistently proven that members are unimportant to him. In 2007, he ordered diminished focus on obtaining business from the credit union's largest membership group- employees of the United States Postal Service despite the fact Priority One was founded by a group of Postal Carriers or that employees of the postal service have demonstrated unwavering allegiance to the credit union. 

Unlike his predecessor, the honorable, William E. Harris, President Wiggington never responds to calls and letters received from members. He always delegates these for response to employees of the Member Services Department or Business Development Department. 

On another page of Kian's handout, is the statement that members should expect "good service", "competitive dividend rates," "competitive loan rates," and that "the member has a right to privacy." President Wiggington's chronic need to violate confidentiality proves he is unconcerned by privacy. In 2007, it was he who ignored security protocols and allowed ballots to be mailed in envelopes on whose exterior were printed member credit union account and social security numbers.  

Kian also spoke about HIPPA laws which govern the confidentialisty of personnel records. In his handout, it states that non-compliance to HIPPA and other state and federal laws may incur consequences to the violator and that civil liability damages can be as much as $2500 per violation and totaling up to a possible $500,000 in addition to damages set "irrespective of the amount of damages suffered by the consumer as a result of that violation." The handout also states that "Knowing and willful violations will likewise he subject to civil damages of up to $2500 per violation, BUT THERE IS NO LIMIT ON THE LEVEL OF DAMAGES PER OCCURRENCE FOR SUCH VIOLATIONS.

its not that the information provided by Kian is untrue or inaccurate, its that we have not seen the President sanctions for his many  disclosures which publicly reveals the reasons he terminated staff or his statements disparaging personnel. Maybe Kian can take a moment to explain why President Wiggington has not been sued for his slanderous comments concerning Whitni Johnson, Lynnette Fortson, William E. Harris, Maggie Rios, Liz Campos, Aaron Cavazos, Kim Burke, C. Freed, and D. Centeno? 

If any member wishes to know what information is to be dispensed during the annual meeting, we suggest they visit the main branch in South Pasadena to request a copy of Priority One's by-laws. Information contained in the bylaws includes instruction for the removal of Directors and Supervisors. Only member-owners possess the power to bring an end to the abusive proclivities of the credit union's disastrous and unethical Board and it is only they, who can bring an end to a President who is obsessed with violating policies and laws and who uses lying as part of his armament to defend his many egregious acts.

At Priority One.Credit Union, Charles R. Wiggington, Sr. has chosen to conduct himself as King when he in fact is nothing more than a court jester. 

The fool is never satisfied and is often viewed as anti-social and misanthropic and wants others to join him in what he does.

Michael R. Jones, Minister

Lies and Losses

Mum is the Word

Earlier today, the following comment was posted by one of our readers:

Yikes! The first qtr. numbers are up at the NCUA site and it is not pretty: 

YTD Loss before the NCUSIF Stabilization expense: $2,198,797 
NCUSIF Stab[ilization] Exp[ense]: $1, 271,678 
Total loss YTD: -$3,470,435

And there are still 9 months left!! And capital (reserves) has dropped from $16,708,007 to $13,237,571.

We were aware that the take-over of Westcorp by the federal government would have an a potentially negative impact upon Priority One Credit Union's expenditures. Because President Charles R. Wiggington,Sr. and Board Chair, Diedra Harris-Brooks, cannot be trusted, we knew that they would never disclose anything about the effects stabilization payments will have upon the credit union. 

At present, the President has proven he is incapable of developing sound business development practices that produce growth and generate profit. In this case, his tenacity is contributing to Priority One's ongoing decline. The Board has seen the fast approaching iceberg but have chosen not to act. Are they paralyzed by fear or are they merely apathetic?

President Wiggington has again withheld posting of March's Income Statement. If things are going as well as he asserts, then why hide the evidence to the credit union's successes. We've recently learned that he intends to post March's actuarials on Thursday, April 23, 2009, during the credit union's all-staff quarterly meeting scheduled to take place at the main branch in South Pasadena, California. 

A few days ago, we received the following emails from 2 readers:

I.

Wednesday, April 15, 2009

I called Priority One and asked a woman answering the phone if the March financials had been posted. She nervously said they had not.

II.

Friday, April 17, 2009

I called the South Pasadena office and asked for the name of their CFO. I was told his name is Manny Gaitmaitan. I was transferred to his office but a recorded answered , so I hung-up.

I called again in the afternoon and was transferred to Mr. Gaitmaitan's office and again, a recorded answered my call.

I called again, later the same afternoon and this time Mr. Gaitmaitan answered my call. I asked if the financials were released. He politely said they were still being worked on. I told him I heard Priority One is in trouble but he assured me that everything is "just fine" and said the financials will be released in a few days. 

Earlier today and in response to the two emails, we visited the NCUA's webpage and obtained the following information contained in the credit union's Financial Performance Report (:"FPR") for the quarter ending March 31, 2009. Please note that Priority One's reported Net Income for the quarter ending December 31, 2008 was reported at a negative -$690.652. 

FPR

Quarter ending 12/31/2009

Cash and Equivalents

$11,499,948

Total Investments

$46,813,782

Loans Held for Sale

0

Real Estate Loans

$63,212,944

Unsecured Loans

$7,293,884

Other Loans

$43,974,623

Total Loans

$114,481,451

Allowance for Loan and  Lease Losses

-$1,450,000

Land And Building

$2,490,972

Other Fixed Assets

$911,973

NCUSIF Deposit

$398,202

All Other Assets

$4,962,023

TOTAL ASSETS

$180,108,351

Dividends Payable

0

Notes and Interest Payable

$20,000,000

Accounts Payable & Other Liabilities

$427,298

Uninsured Secondary Capital

0

TOTAL LIABILITIES

$20,427,298

Share Drafts

$17,010,705

Regular shares

$60,112,019

All Other Shares and Deposits 

$69,320,758

TOTAL SHARES and DEPOSITS

$146,443,482

Regular Reserve

$5,128,606

Other Reserves

0

Undivided Earnings

$8,108,965

TOTAL EQUITY

$13,237,571

TOTAL LIABILITIES, SHARES, & EQUITY

$180,108,351

Loan Income*

$1,666,983

Investment Income*

$416,505

Other Income*

$676,800

Salaries & Benefits*

$1,158,801

Total Other Operating Expenses*

$1,094,140

Non-operating Income & (Expense)*

-$1,598,590

Provision for Loan/Lease Losses*

$536,357

Cost of Funds*

$571,157

NET INCOME (LOSS) BEFORE NCUSIF STABILIZATION EXPENSE

-$2,198,757

NCUSIF Stabilization Expense

$1,271,678

Net Income (Loss)*

-$3,470,435

We're certain that the actuarials contradict the President's chronic insistence that business is improving. How so? His exclamations to success are hyperbole intended to dupe whoever chooses to believe his unevidenced statements. This is certainly a reason why he tries to delay posting of the credit union's Monthly Income Statements. 

What is acutely clear is that President Wiggington fabricates stories intended to hide failures borne out of his horrendous business decisions. The losses of net income alone, attest to failure. What's worse is that he is being aided by the Board of Directors who are ignorant and subservient to the every wish of Chairperson, Diedra Harris-Brooks. 

"I'm not upset that you lied to me, I'm upset that from now on I can't believe you."

Friedrich Nietzsche

The Annual Farce

The Upcoming Annual Meeting 

Priority One Credit Union's annual meeting is scheduled to take place on Wednesday, May 27, 2009, at 6 p.m. at the main branch located at 1631 Huntington Drive, South Pasadena, CA 91030. We urge members who still care about the credit union's future to attend the gatherings. Every member should be concerned that President Wiggington has yet to post March's Income Statement which means, the credit union is again, out of compliance. 

The President recently told some employees in the South Pasadena branch that he and Board Chair, Diedra Harris-Brooks, are upset by disclosures made on this blog suggesting that the President's refusal to post March's Income Statement is nothing more than one of his infamous hissy fits. 

Last Wednesday, we received an email from an employee that the  Board of Directors and Supervisory Committee have escalated their efforts to protect President Wiggington and have joined him in trying to hide all records showing that Priority One is experiencing tremendous losses of its Net Income. 

Apparently, the President, the Directors and the Supervisors can't fathom that this blog could never exist without President Wiggington. Not only was it his public abuses that brought us into existence but it is his inability to refrain from divulging confidential information that is the fodder that fuels our posts.

The fact that the Board continues to protect him isn't a surprise. In 2008, Diedra Harris-Brooks, led Directors, O. Glen Saffold and Thomas Gathers and Supervisory

Committee Chair, Cornelia Simmons, into ignoring documented evidence that President Wiggington had indeed spent years sexually harassing a former employee. What's more, Mrs. Harris-Brooks ignored the investigators recommendation that President Wiggington be terminated. If the Board covered up the President's violation of federal law, why would we be surprised that they would defend him in any other abuses he's perpetrated? 

And the fact is, under Charles R. Wiggington, Sr., Mrs. Harris-Brooks has far exceeded the perimeters of her state-mandated role as Chairperson. She never schedules appointments to visit the main branch. While at the branch, she interrupts closed door meetings. She has taken control over advertising and even personnel issues. She is for all intents and purposes the real CEO of the credit union while President Wiggington is an emasculated puppet. Believe us, we understand why she wants her position on the Board to remain intact. 

Captain Ahab and His Whale

Obsession 

Herman Melville's classic story, Moby Dick, tells a story of obsessed Captain Ahab, who 

forces his crew to traverse the seas in search of a great white whale that caused the loss of one of his legs. Driven by revenge, the Captain sets out on a lifelong quest to hunt down the animal and despite opportunities to desist his mania, the Captain cannot subjugate his emotions and in the end, is destroyed along with most of his crew by the creature he sought to kill. 

Its all too easy to find a parallel between the obsessed Captain Ahab and Priority One Credit Union's President, Charles R. Wiggington, Sr. The Captain forced his crew to take part in his ill-fated quest just as President Wiggington has forced his employees to suffer the effects of his horrendous business decisions and horrendous undisciplined behaviors. 

Since January 1, 2007, the date his appointment to President began, Charles R. Wiggington, Sr. has abused his appropriated authority and under protection of the Board of Directors and specifically, Board Chair, Diedra Harris-Brooks, has escaped disciplinary actions which should have included his termination. 

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In January 2007, the President was asked by Director, Joe Marchica, why he restructured the credit union's inappropriately labeled, "corporate structure" without first consulting the Board of Directors. The President laughingly replied, "Oh, I guess I forgot." 

The President began his restructuring in October 2006, with the help of Van Nuys Branch Manager, Sylvia Perez, and Burbank Branch Manager, Liz Campos, both of who were slated to be promoted to the newly created posts of AVP that would go into effect on January 1, 2007.  Mr. Wiggington didn't forget to advise the Board but intentionally chose not to advise them of his plans because he didn't want anyone to interrupt his plans. As President Wiggington has often said, "No one tells me what to do" and he wasn't about to have anyone interfere with his plan to transform the credit union into a bank. 

On January 4, 2007, while meeting with groups of employees at the main branch in South Pasadena, California, he explained that the implementation of AVP's, an idea he admittedly borrowed from his years while employed by Bank of America, would guarantee increased business. Under his restructuring, he divided Priority One's vast territory into regions. Each AVP would over business development in their assigned region. Each AVP would be assigned a monthly quota which the President said would ensure that required levels of new business were achieved. He also stated that all he would have to do is "sit back and watch the business roll in." So was his plan to increase new business or merely a plot which would enable him to be lazy while others worked?

Within 3 months following her appointment to AVP, Mrs. Campos was terminated for kiting. A year later, AVP, Aaron Cavazos, was terminated following a verbal altercation with his former "buddy", Charles R. Wiggington, Sr. The fact is, none of the AVP's selected by the President were qualified to serve in the capacities he promoted them into. None understood marketing and none were accomplished in business development. What's more of the 4 new AVP's, 3 had a well-documented history of complaints filed against them by staff which alleged harassment, verbal abuse, sexual harassment, and retaliation.

So during his first year as President, Charles R. Wiggington, Sr. comfortably inclined in his office, extricating himself from developing strategies needed to create new business and promote growth, neglected relations with the membership and chose to instead, immerse himself in scandals.In 2007, he conceived plots and with the help of the Director of Human Resources, Rodger Smock, succeeded in expelling numerous long-time employees who he said had been loyal to his predecessor and who he branded, "Harris' people." 

He also promoted people into managerial positions who like himself were lazy, incompetent and unethical. 

He also indulged in spending large sums of credit union monies on what proved to be a failed $600,000 phone system and unnecessary email program. 

He implemented a closed-door policy with both members and employees.

He refused to develop proactive resolutions to major issues impacting the credit union, i.e., the conversion of Inland Counties Postal Credit Union member records into Priority One's database. 

Neglected community involvement and brought an end to free financial education because in his words, "its a waste of money." 

He never implemented the retention program to reduce account closures despite having boasted in January 2007 that he, unlike his predecessor, would prove member account closures could be reduced. 

He violated credit union procedures and policies and state and federal laws when he harassed and allowed the harassment of employees using fraudulent allegations. 

He also violated security when he authorized the mailing of ballots in envelopes on whose exterior were printed member account and social security numbers. His refusal to abide to security protocols cost the credit union $100,000 used to hire Transunion to monitor member credit report activity for a period of 12 months. 

In 2008, an investigation of the President proved he sexually harassed a former employee. During the investigation, he was suspended for an approximate 6-week period. 

Last year, he borrowed $20 million from Priority One's line-of-credit all for the purpose of increasing the amount of the credit union's net asset worth, on paper. It was a decision based on creating an impression of success where none existed. 

Despite a long list of failure, President Wiggington remains securely embedded at the helm of a credit union he's driving into failure. The problems at Priority One stem from President Wiggington's character. His laziness, lack of motivation, dishonest proclivities and immersion in scandals have pushed the credit union into a state of decline. 

A Real Strategist 

Former President, William E. Harris orchestrated carefully planned mergers that promoted Priority One's expansion and introduced new technologies that enhanced personal home banking elevated member service and solidified employee morale. Never did new technologies introduced by Mr. Harris ever impact the credit union or its members, adversely. Additionally, under Mr. Harris, there were no financial losses nor was he ever involved in embarrassing scandals. He also never borrowed money from the credit union's line-of credit. 

 

Interest Rates and Dividends

A few days ago, we received an email in which a member expressed concern over the APR's currently being offered by Priority One for automobile loans and Certificates of Deposit. 

Beginning in January 2009, Priority One started offering lower interest rates for automobile loans and above-average dividends on Certificates of Deposits. The lower APR's and higher dividends, though beneficial to members may be indicative of a far more serious issue affecting the credit union and its future. The following are APR's offered by the credit union during the months of January through April 2009:

January 2009
Automobile 1.99% 
Certificate: 3.75% 

February 2009 
Automobile 2.99% 
Certificate 2.75%

March 2009
Auto Loan Rate 3.99%
Certificate 2.75%-3.75%

April 2009
Auto Loan Rate 4.49%
Certificate 3.25% and 3.3 (APY)

The amount of potential profit to be generated by Priority One from the APR's and amount of dividends is too low to offset operating expenses while producing adequate levels of profit. To forecast Priority One's financial future must consider critical factors, some of which include: 

• Marketing costs
• Losses incurred from delinquencies, including charge-offs
• The amount of the monthly payment needed to payoff the failed $600,000 telephone system
• The amount of monthly payments being submitted against the $20 million borrowed in 2008 from the credit union's line-of-credit

 We've also visited Priority One's website, located at www.priorityonecu.org and reviewed current rates. We noted that they are currently advertising the following dividends on a $100,000 Term Share Certificate account and on automobile loans:

Term Share Certificate- $100,000
3.25% APR 3.3% APY

Automobile Loans

As low as 3.49% APR (Special promotion)

According to the promotion referenced above:

Finance your new vehicle or refinance your existing vehicle from another institution, and receive this SPECIAL rate*

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*APR for up to 60 month term; to qualify for the lowest rate, member must have credit score of 680 or higher, min 10% down, an open checking account with net check direct deposit & automatic payments; model yrs 2006-2009 with min loan $15,000; model yrs 2005-2003 with min loan $10,000; other rates and terms available; rates & terms subject to change without notice & are affected by credit score. APR = Annual Percentage Rate.

Here is an excerpt from an email we received earlier this week:

"On the front page of their site they are advertising a $100k CD at 3.3% APY and a new auto loan rate of 3.49% APY. It doesn't take a rocket scientist to know that when you only have a spread of 19 basis points you’re going to lose money. 

Even if they had 0% charge offs which of course they won’t, they would lose money because their overhead per loan costs more than 19 basis points. And that’s not including marketing costs or the fact that since they are already hemorrhaging money, how exactly can the afford to do this? 

We believe that Priority One may eventually reduce to drastic measures to ensure they remain in business including merger with a larger more stable credit union. We also received a second email from another reader regarding the credit union's Income Statement for the month of March 2009: 

I called the LAPDC branch, earlier today, and asked if they could send me a copy of the financial report for the month ending 3/31/09. I was told by the woman who answered the phone that the report had not yet been provided to their office though it usually is received by their office before the 9th of the month.

I next called the South Pasadena office and the woman who answered the phone said that the statement has not yet been posted in the lobby. She too thought it was late. 

I also called the Redland's branch and a woman said the "monthly" statement is only posted at the end of each quarter, a fact which I happen to know is untrue. 

So what's going on? It could be that the statement is late for some inexplicable reason but in view of the information posted on your blog and the losses being sustained each month by the credit union, it seems Mr. Wiggington might be trying to hide the statement from the public. If he's done nothing wrong, then why hide? 

When you are rumored to be dishonest, hiding the statement is definitely the wrong thing to do. In view of all the terrible things he has done, refusing to post March's monthly financial statement only affirms his guilt and again shows that he is dishonest and manipulative.

So, Mr. Wiggington, how do you plan on keeping Priority One financially afloat when rates and dividends being offered are insufficient to sustain the credit union over the long term? 

President Wiggington has already begun initiating cut-backs. Following a recently meeting with the Board of Directors, the President announced the following changes:

• Elimination of overtime
• Cancellation of all Holiday bonus'
• Possible cancellation of this year's Holiday party
• Immediate cancellation of purchases of food and beverages which for years were provided to all employees on every Payday Friday.
• Immediate implementation of a company-wide wage freeze for all non-exempt staff

The President's frequent insistence that business is surging is consistently being disproved by the credit union's Monthly Income Statements, quarterly Financial Performance Reports filed with the NCUA, and by the President's own efforts demanding immediate reductions in spending. Are the areas where' he chosen to cut spending really going to have a positive impact in offsetting losses? We think the President's choices are cosmetic at best and in the long run will not suffice in slowing Priority One's growing financial problems. 

In 2007, President Wiggington installed an expensive AVP sector who he insisted would bring in more new business than has been gotten at any time during Priority One's 80-year history. Not only did each AVP fail to obtain the levels of new business they were required to achieve, but the salaries paid to the new sector cut deeply into the credit union's allotted budgets.So why hasn't the President eliminated the AVP sector? Why hasn't he voluntarily reduced his salary as well as that of his executive staff? 

The 2008, approximate 6-week paid suspension of the President, during which an investigation was conducted to prove or disprove he sexually harassed a former employee, forced the spending of tens of thousands of dollars in attorney and investigator related fees. 

What's more, in 2007 and again in 2008, he was paid a bonus approved by the Board despite his abysmal performance and without consideration to the amount spent on consultants, technologies, and attorneys to try and rectify his chronic blunders. 

In February, he received a check for more than $6000 paid in sicktime. Wasn't he suspended with pay for approximately 6-weeks in early 2008? 

The only thing Charles R. Wiggington, Sr. has succeeded in achieving is notoriety as the industry's most notorious President. Blinded by arrogance and a need to exact his will and avenge himself against his imaginary enemies, the credit union's has undermined the credit union's success and tarnished its once stellar public reputation. President Wiggington has sacrificed business, relationships between the credit union and its membership and ruined employee morale all for the purpose of self-aggrandizement.

 

We don't foresee an end to the President's abuses though we do foresee the eventual and complete failure of the credit union. We can't even imagine the extent of damage Charles R. Wiggington, Sr. will eventually cause the credit union.

The 2009 Annual Meeting

What is an Annual Electoon?

We've received comments and emails concerning the upcoming Annual Meeting which typically takes place at the end of May. 

For those who many not know, during the annual meeting, officers inform attendees about the credit union's financial and security standing, announce the names of newly elected Directors and Supervisors, and describe those plans that will be implemented over the next year to promote growth.

DISRUPTING ELECTIONS

In 2009, President Wiggington has exacted measures to limit the publication of information including, his disruption of the electoral process to ensure the Board's Directors remain in place and are not displaced by new representatives. He, with the held of Board Chair, Diedra Harris-Brooks, 

Both the President and Board Chair, Diedra Harris-Brooks, decided to plot another of their self-styled schemes. This time, they would decided to limit how many members receive the annual required notice inviting them to nominate themselves to run for available seats on the Board and/or Superviory Committee. 

The President ordered the notice placed in the downstairs entry way to the credit union though most members rarely visit the South Pasadena branch. 

He also included a reference in the statements mailed out in February.

He also included a reference in the Winter newsletter but that letter is only mailed to members who have a checking account and thus excluding the larger sector of members who ONLY have a savings account. 

The plan might have been labeled a success had their plot not been made public. Ultimately, the two are as awful at being conniving as they are at developing successful business development strategies.  

The 2008 Annual Meeting will taken place in South Pasadena at the end of May 2009. All members which includes those with only a savings account, are invited to attend the meeting. Its important to keep abreast of the changes occurred at the credit union and of the plans for its future.

However, it is important to take information verbalized by the President and other officers and information contained in the annual report that will be distributed at the start of the meeting, and over the next year review and confirm how much of what was stated was actually realized. We have noticed that the officers talk what they think is a good game but rarely, if ever, succeed in achieving their stated goals. 

Member-owners have a right to express their concerns about the credit union's internal operation and its direction. The annual meetings are also an appropriate venue in which to ascertain if in fact member-owners are Priority One's "First Priority."