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Saturday, October 30, 2010

Another Road to Nowhere, Part 4


Yes, we may sound obnoxious but back in January 2009 and in the months which followed, we warned that Priority One Credit Union's President, Charles R. Wiggington, Sr.'s incompetence and undisciplined personal behaviors could in time, adversely undermine the credit union as a business and employer and as time has proven, we were correct. 

It's not that we're clairvoyant but rather that we know Charles R. Wiggington, Sr. and his posy of incompetent managers. The credit union's Monthly Income Statement/Balance Sheet reveals losses at a negative -$584,253. You can attribute the losses to President Wiggington's ineptitude and of course, the inanity of the Board of Directors who under its Chair, Diedra Harris-Brooks, seem to be paralyzed by incompetence. 

The losses come despite the President's and COO, Beatrice Walker's not-so-clever manipulative financial reporting practice. Currently, Priority One is losing approximately $68,000 per month despite drastic cut-backs and the recent closure of two of its branches. 

Of course losses aside, the President continues to reap a salary in excess of $150,000 while his hand-picked COO, earns more than $100,000 per year. Its both amazing and preposterous. We have to assume Priority One is a financial fitness center for the credit union's executive sector and evidently, they're the only ones winning with money. 


As we've reported for several months, the credit union has been the sight of an ongoing power struggle between the useless and incompetent, President Wiggington, and equally incompetent COO, Beatrice Walker. 

Their struggle pits two amoral people with a proclivity for lying and abuse, against one another. One, a Black man with a BA in Afro-American studies and the other, a White woman with an MBA in business. So who controls the credit union? Recently, Charles R. Wiggington, Sr. informed a group of members visiting the credit union’s main office, that Bea Walker is “the one who makes all the decisions around here”. The President being too modest. After all, in the years before Ms. Walker's arrival (January 1, 2007 - June 1, 2009),

it was Charles R. Wiggington, Sr. whose frequent failures caused the credit union's decline. However, having a penchant for avoiding accountability both the President and Board of Directors Chair, Diedra Harris-Brooks, frequently dipped into the credit union's coffers dredging out lots and lots of money to finance what became a series of highly expensive and failed projects. 

Just two months following COO, Beatrice Walker's June 1, 2009, arrival, the Board began reallocating much of the President's authority to the COO. By December 2009, it was evident the President had taken a secondary role at the credit union and that it was Ms. Walker's who was making all key decisions. 

Since here arrival in June 2009, Ms. Walker carried out the laying-off of many employees and she reduced marketing and business development budgets and reduced the hours of some full-time employees, from 40 to 20 and with the reduction, eliminated their benefits. She's also introduced what have become a line of poorly performing and failed products including Courtesy Pay, Skip-a-Pay, Priority Pay, etc. But despite her constant failures, it wasn't until this past September that the Board suddenly became concerned about Ms. Walker, though it isn't her performance that elicited worry but rather rumors about her sexuality.

The problem with Ms. Walker isn't her sexuality but her character and deplorable behaviors. What should be deemed peculiar is that the band of ignorant Directors are allegedly taking issue with rumors about her sexuality but completely ignoring the fact that in 2008, a detective from EXTTI, Inc. provided the Board of Directors evidence that Charles R. Wiggington, Sr. sexually harassed a former female employee but decided to retain his employment. Yes, it's pure, unadulterated hypocrisy but typical of Priority One's color-prone Board. 

As we warned long before Beatrice Walker's arrival to the credit union, that the continued, unchecked behaviors of Charles R. Wiggington, Sr. would lead to the ruination of the credit union. We were correct.


Most businesses avoid drama, viewing it as counter-productive and potentially destructive. Not so at Priority One Credit Union where it's highly emotional and unmanly President seems obsessed with gossip, melodrama and intrigue. 

As reported last month, shortly following her arrival to Priority One on June 1, 2009, Beatrice Walker conducted an analysis of the performance of each of the credit union's branches to determine which were most profitable. She concluded that to reduce spending, she would have to close the Burbank, Redlands and Valencia branches.  Ms. Walker also decided to visit each branch so that she could meet each Branch Manager. What wasn't part of Ms. Walker's plan was that she would be smitten by the Valencia Branch Manager. 


After meeting the Branch Manager, Ms. Walker began leaving her office in South Pasadena, early each afternoon and driving to the Valencia branch where she would spend the afternoons talking to the Branch Manager. She soon began trying to fore a friendship with the manager and initially succeeded one or two weekend invitations to the Branch Manager's home. 

In the weeks which followed, Ms. Walker, a resident of Santa Clarita, asked President Wiggington if she could transfer her office from the main office in South Pasadena to Valencia. The president quickly denied her request. Within three months, Ms. Walker disclosed that she had decided not to close the Valencia branch, having found that they produced more than sufficient business to retain opening of that office. She, however, asked the Branch Manager and Senior Vice President, Rodger Smock, to identify less expensive locations where the branch could relocate to and thus, operate at a lesser cost to the credit union.

In April 2010, Ms. Walker issued an inter-office announcement via the company Intranet, announcing that the Valencia Branch Manager would be coming to the main office in South Pasadena, to temporarily cross-train with the South Pasadena Branch Manager. Her announcement was incredibly illogical, since the Valencia Branch Manager was known to be highly competent and cross-training with the South Pasadena Branch Manager served no value to either Branch Manager or the credit union as a whole. The announcement also disclosed that that South Pasadena Branch Manager would be sent to work, three days per week, in the Call Center, where she would answer incoming calls like any other Call Center representative.

On the day the Branch Manager arrived in South Pasadena, she was greeted by employees, many who hugged her and who said they were happy she would be working at the main branch. She was also met by the COO who wore a purple-colored suite, a beige blouse and an string of pearls, attire Ms. Walker had never been seeing wearing at anytime since her arrival. The COO met her at the reception desk and then escorted the Branch Manager to the desk of the consumer loan officer. The COO never returned to her office and instead, remained seated alongside the Branch Manager, while she underwent training in loan processing procedures. 

In the days which followed, the COO confided to the Branch Manager that names of employees she personally disliked and the names of those she believed were attempting to undermine her authority. She also revealed which employees she planned on terminating. Ms. Walker was so confidant about her friendship that she on May 5th, she blurted out that the “Mexicans” at the South Pasadena branch were all members of the Mexican Mafia.”


But Ms. Walker's efforts to force a "friendship" failed. Though she had done everything in her power to draw close to the Branch Manager, Ms. Walker soon realized that the Branch Manager was distancing herself and refusing to respond to the COO's overtures. 

Ms. Walker ignored the fact that the Branch Manager is married and has children and a home life outside the credit union and continued insisting that they go on weekend shopping excursions. Ms. Walker even talked the Branch Manager into introducing herself to her hairdresser and showing her where she buys her clothes. 

As the Branch Manager became less and less available, Ms. Walker began seething and scorned, launched a scathing campaign designed to destroy the Branch Manager's reputation. 

Ms. Walker told her confidant's, Yvonne Boutte and Joseph Garcia, that she found the Branch Manager "difficult" and "a huge disappointment." She also expressed her dissatisfaction to the Santa Clarita Business Development Representative. Ms. Walker found it more and more difficult to control her emotions and next turned her complaints to AVP, Rodger Smock, and accused the Branch Manager of being "stubborn" and "too independent". What could the Branch Manager have done that provoked Ms. Walker into such an emotional tirade? 

Ms. Walker began publicly scrutinizing the Branch Manager's performance and even mocked her Spanish accent. The Branch Manager left the South Pasadena branch and returned to her office in Santa Clarita, but Ms. Walker's campaign was only about to escalate. Unbeknownst to the Valencia Branch Manager, Ms. Walker issued orders to all branch managers, including Consumer Loan Manager, Joseph Garcia, prohibiting all communication with the Branch Manager. 

Tired of Ms. Walker's attacks, the Branch Manager left the credit union on sick leave. Despite her departure, Ms. Walker again escalated her attacked and ordered the IT Department to forward all of the Branch Manager's emails and voicemails to her so that she could read and listen to these. 

The COO also instructed notorious and incompetent AVP, Sylvia Perez, to report to the Valencia Branch where she would remain while the Branch Manager remained on leave. Ms. Walker also ordered that the AVP build close relations with the Valencia staff and that she extract information which could help build a case against the Branch Manager.  Mrs.Perez quickly bonded with Dana Gilliam and Judith Barajas, both FSR’s who complained incessantly about the Branch Manager’s abilities despite the fact that records prove the Branch Manager succeeded in increasing membership and revenue over a three year period. Coincidentally, Dana and Judith complained years earlier about the previous Branch Manager, leveling lies which Mrs. Perez chose conveniently, not to investigate, eventually forcing that Branch Manager, to resign.

Ms. Walker also ordered AVP, Rodger Smock, to contact the Branch Manager and demand she return her keys to the Valencia office and if she refused, to change all locks to that office and change the security code to the branch's alarm system. . 

Ms. Walker also told the Valencia Assistant Branch Manager, Judith Barajas, that she would be transferred to work at the Burbank office where she would begin serving as that branch’s new Assistant Branch Manager. 


While the Branch Manager remained out on medical leave, Ms. Walker again escalated her efforts and instructed Human Resources "clerk", Esmeralda Sandoval, to file a Workman's Compensation claim on behalf (and without the knowledge) of the Valencia Branch Manager. Ms. Walker was arrogant and simultaneously stupid enough, to provide a reason for her request. She told Miss Sandoval that if a Workman's Compensation Claim were filed, it would become public record and could potentially serve to further tarnish the Valencia Branch Manager's reputation. The unintelligent and evidently, ethically pliable Miss Sandoval who should have known that what Ms. Walker ordered was illegal, easily conceded and filed the claim. 

The Valencia Branch Manager was contacted by the Workman's Compensation Board who were told she never filed a claim. The Board informed her they would initiate an investigation that would specifically target Beatrice Walker. 


The Valencia Branch Manager returned to work during the first week of September. She quickly discovered she had been ostracized by Ms. Walker from both her staff and other branch managers. Her emails and telephone calls to her supervisor, the notorious AVP, Sylvia Perez, were not responded to. When she called other branch managers with business-related questions, they refused to respond to her inquiries and in some cases, told her they couldn't help her. 

She also discovered that many on her staff had become aloof and even belligerent and in some cases, refused to follow her instructions. 

After a few days, the Branch Manager drove to the main branch in South Pasadena and entered the Human Resources Department where she lodged a verbal complaint against Ms. Walker, to Esmeralda Sandoval. At first, Miss Sandoval fidgeted and nervously tried to invalidate the Branch Manager's complaint but stopped when the Branch Manager told her she didn't trust her to initiate a proper and objective investigation of her complaint. 

Defensively, Miss Sandoval asserted that she is trustworthy and will always do what is right. Evidently, Miss Sandoval lives in an alternate reality. After her meeting with the Branch Manager, Miss Sandoval informed the President of the complaint. The President next conferred with AVP, Rodger Smock. 

A few days later, the President accompanied by AVP, Rodge Smock, drove to the Valencia Branch and informed the Manager that Ms. Walker and CFO, Saeid Raad, had decided to close her branch as part of ongoing efforts to reduce spending. The President stated the office would close at the end of October. After informing her of the impending closure, he told her he had learned of her complaint of Beatrice Walker and wanted to assure her that he would conduct a fair and impartial investigation and if necessary, deal with Ms. Walker. 

We of course, can't believe anything said by President Wiggington- a proven sexual harasser and the man who has since January 2010, ordered the frequent manipulation of financial reporting. 

During the meeting, statements were obtained from the Santa Clarita Business Development Representative who had been present when Ms. Walker publicly disparaged the Valencia Branch Manager. 

During the meeting, Ms. Walker called the Valencia Branch and asked one of her stoolies what was being discussed in the meeting. Unfortunately, for Ms. Walker, her spy couldn't provide any information because the Branch Manager's office door was closed. 

At the conclusion of the meeting, the President informed Mr. Smock, the Branch Manager and the Business Development Representative that he intended on removing Ms. Walker's authority over Human Resources, By the way, his disclosure constitutes a violation of confidentiality.

The President also informed the Branch Manager that it was imperative that she document her complaints against Ms. Walker and that these be provided to him within a week. His request was pure hypocrisy. The President has often criticized employees who document abuses, yet he asked the Branch Manager to document her complaint. 

A few days later, the President received the following list of complaints documented by the Branch Manager against Ms. Walker:
  1. Ms. Walker publicly disparaged the Branch Manager’s professional competency and character;
  2. Ms. Walker created a hostile working environment;
  3. Ms. Walker’s persecution forced the branch manager to leave the credit union on a medical leave of absence;
  4. Ms. Walker told several employees she could “no longer work with that branch manager”;
  5. On May 5th Ms. Walker made a racial slur against “the Mexicans” working in South Pasadena;
  6. The Branch Manager described Ms. Walker of strangely possessive and that she had insisted that the Branch Manager meet with her on weekends to go shopping, have lunch, and participate in community events in the Santa Clarita Valley.
  7. The Loan Manager informed the Branch Manager that the COO had disparaged her character and described her as a person prone to lie. 
  8. While on leave, Ms. Walker’s son visited the Valencia branch and informed some of the staff that the Branch Manager was out on a medical leave of absence, a fact that could only have been divulged by his mother, Beatrice Walker, and one which constituted another blatant violation of confidentiality.
  9. Ms. Walker began "stalking the branch manager" and was seen by neighbors parked near the Branch Manager's home, spying on her residence. 
Three days after meeting with the Branch Manager, the President posted a notice on the Intranet informing employees that oversight over Human Resources was being transferred immediately to Training and Education Manager, Robert West. 

Several days after receiving the Branch Manager's letter, President Wiggington sent the Manager the following letter to the Branch Manager describing the findings obtained from his allegedly unbiased and thorough investigation of the manager's complaints: 


The letter is a testament to the far flung corruption saturating Priority One Credit Union and speaks volumes about the President who is a proven sexual harasser. 

We've learned recently that his letter was dictated to him by the always corrupt, Board Chair, Diedra Harris-Brooks. According to Mrs. Harris-Brooks, the credit union can't afford another scandal. When Mrs. Harris-Brooks reads this post, she'll realize that another scandal is exactly what she's got. 

We agree, it was President Wiggington who hired Ms. Walker, who like himself has proven to be a pariah to business and employee morale. In his absurd letter he tries but fails to trivialize the Branch Manager's complaints and asserts 

At Priority One, the handling, actually mishandling of employee complaints isn't something new. For years, AVP, Rodger Smock, has intentionally and blatantly violated credit union policy and refused to conduct mandated investigations or apprise grievants of his findings, despite he is required to do so under credit union policy. 

The President concludes his letter with one of his more absurd statements, alleging that “protocols are provided as guidelines to help safeguard the values and friendly working environment we enjoy.” Few employees enjoy the working at Priority One. It is difficult working for an amoral despot whose history of violating policies and laws is overshadowed by his need to subjugate and harass staff. 

A few days following issuance of his letter, Human Resources Representative, Esmeralda Sandoval contacted the Branch Manager and informed her that she had two days in which to decide whether she would accept a position as an assistant branch manager along with a a substantial cut in salary or accept a severance package. Having been allotted less than 48 hours in which to decide and with consideration to the tremendous abuse she had been subjected to and in light of the travesty committed by President Wiggington, she accepted the severance package though stipulating that her her final day of employment would be at the end of October. A problem quickly arose when the chronically incompetent  Ms. Sandoval realized she failed to provide any details contained in the severance package  offered the Branch Manager. Oops.

Ms. Sandoval consulted President Wiggington, COO, Walker, and Senior Vice President, Rodger Smock, all of who advised her that the Branch Manager had set her own terms when she informed the company that she would leave at the end of October. Ms. Walker quickly ordered that Ms. Sandoval send an email to the Branch Manager, requesting she submit a letter of  resignation. Ms. Walker explained the letter would nullify the terms of the severance agreement and free the credit union of any obligation they might have had to issue severance pay. She also giddily exclaimed that a resignation letter would provide Priority One the right to deny payment of future unemployment benefits to the Branch Manager. Ms. Walker described this as a win-win situation for the credit union which would be easily clinched, by merely obtaining a letter of resignation from the Branch Manager.
And so donning the role of “go for”, Ms. Sandoval attempted in earnest to extract a letter of resignation from the Branch Manager, though it had never occurred to Ms. Sandoval due to her lack of knowledge, that it was she who offered a severance package on behalf of the credit union and it was she, who entered into a verbal agreement with the now former Branch Manager. Oops, again.

A few days later, the Branch Manager left the credit union without having submitted a letter of resignation.

Coincidentally, the Business Development Representative who served as witness to the Branch Manager’s complaint, resigned one week prior to the Branch Manager’s departure. Her reasons for resigning were related in part, to the financial hardship incurred when her hours were reduced from 40 to 20 per week. The other reason for her departure included being disillusioned in how the President chose to squash the violations of state and federal law committed by Ms. Walker. 

In 2008, Board Chairperson, Diedra Harris-Brooks, squashed evidence proving beyond a doubt, that President Wiggington sexually harassed a former employee. She would later state that based on her "understanding" sexual harassment as defined by federal law, never occurred. But Mrs. Harris-Brooks went further when she victimized the former employee and accused her of encouraging the President to verbalize sexually explicit comments. 

In 2009, we reported that while serving as Vice President of Operations, Charles R. Wiggington, Sr. ordered repossession of an automobile financed by a now former member. Prior to repossessing the vehicle, the then credit collections supervisor worked out a repayment plan with the member whose loan payments had become delinquent as a result of illness in his family. Despite the agreement, Mr. Wiggington ordered that the vehicle- a BMW, be repossessed and afterwards, transferred ownership under his name. Following exposure of the incident on this blog, Mr. Wiggington denied ever having owned the vehicle but when we published the automobile's Vehicle Identification Number, he amended his story and insisted he bought the vehicle from a dealership. 

DMV records show that the vehicle was owned by a member of the credit union and later, ownership transferred to Mr. Wiggington. There was no reference to the name of a dealership. Here is a copy of a letter sent by Mr. Wiggington to the state's Department of Motor Vehicles, requesting they transfer ownership to his friend, Odell Richards. Obviously, the President did have possession of an automobile once financed by member, Danny Wafa, before giving the vehicle to his friend, Odell Richards. 


Charles R. Wiggington, Sr. is a man who certainly has much to hid. It's necessary to his survival. Contrary to his initial denials of ever having owned the automobile, his letter to the Office of the Deputy Director proves he did in fact own the vehicle. By the way, his favorite automobiles are automobiles. He currently owns four, used, old BMW's.  


Credit unions don't financed salvaged vehicles. Well, at least every other credit union except Priority One. 

Earlier this year, the COO introduced Auto Alliance to the credit union, announcing that this is the only auto broker that will be promoted by the credit union. Her order means that credit union will desist from recommending their long-time auto broker, Universal Leasing and Auto Sales.

On the day the new broker arrived at the South Pasadena branch, there was an exchange of hugs and kisses with Ms. Walker who exclaimed, "They are my friends." Ms. Walker escorted the broker's representative to a desk she had prepared in the Loan Department and where he will sit and meet with members who express and in interest in purchasing automobiles.  

A few months ago, an employee of the Collections Department purchased a Mini Cooper from Auto Alliance. The employee would later, gleefully exclaim that she was so happy to have obtained funding for her vehicle. That certainly was a celebratory moment. 

During a recent storm, rain seeped into the vehicle, damaging the interior. The employee reported the problem to Auto Alliance's representative because seepage should not have occurred. Days passed and Auto Alliance's representative did not respond. Frustrated, the employee contacted Auto Alliance's headquarters and found they were not interested in assisting her. She told co-workers that Auto Alliance's representatives had been curt and even tried brushing her off. Eventually, Auto Alliance conceded and sent one of their employees to test drive the vehicle. But wasn't the problem that water seeped into the interior? She never complained about mechanical problems. 

Tired, she asked her husband to trade the vehicle in. Her husband took the car to a dealer for the purpose of trading it for another but was informed that the vehicle was salvaged a fact never disclosed to her by Auto Alliance. 

The dealer also discovered discrepancies with the vehicle identification number referenced in state records and the number referenced in the sales agreement she signed. 

Priority One doesn't fund salvaged vehicles. They are a liability. The value of salvaged automobiles is much less than those of non-salvaged vehicles. Additionally, when financing an automobile, the credit union requires full insurance coverage. It is almost always impossible to find insurance carriers willing to provide full coverage for a salvaged vehicle. Furthermore, if a salvaged vehicle is involved in an accident, the amount paid out by the insurance company is far less than that paid for non-salvaged automobiles.

The employee reported what she had been told to her supervisor, Yvonne Boutte, the Director of Project Management. Her supervisor, a confidant of Beatrice Walker, ordered that she not discuss the incident with anyone. 

Eventually, the employee was able to rid herself of the salvaged automobile and obtain a new, unsalvaged vehicle. So how was Auto Alliance able to deceitfully sell a used and salvaged vehicle as a new automobile? And why did the credit union fund the salvaged automobile? 


You might find less drama in any episode of the “Real Housewives of Atlanta” than you'll find at Priority One Credit Union.

The malicious antics of President Wiggington and COO, Beatrice Walker, know no bounds. Apparently, the two may believe they are exempt from abiding to laws and policies. 

The allegations lodged against Ms. Walker suggest a woman encumbered by deep rooted emotional problems and a lack of personal self-discipline. 

The President's attempt to quietly squash the Valencia Branch Manager's allegations prove that he is a man without a moral compass. Is the President a sociopath? 

It's almost inconceivable that the credit union is saturated by so many corrupt and dishonest officers. Esmeralda Sandoval proved she is also amoral and putty in the hands of her superiors. AVP, Rodger Smock's refusal to conduct himself conscientiously and respectful to the position he holds as overseer of the credit union's policies, is less surprising. A few years ago he described himself as a "peacemaker" but what he really is is apathetic and an opportunist who seeks whatever means is needed to ensure his continued employment.

Don't expect the credit union to escape the mire its been placed in by President Wiggington and Board Chair, Diedra Harris-Brooks. This is a company who expends tremendous effort hiding its violations of state and federal laws though to date, their efforts have failed as their plots have all found their way to this blog.

To be continued........

Sunday, October 24, 2010

Another Road to Nowhere, Part 3


Priority One Credit Union's financials for July and August 2010 were made public a few weeks ago, but due to the amount of information we have to publish, we're only now making the financials available on this blog. 

As reported in recent months, the credit union's spending on legal are astronomical while the spending on marketing, advertising and even promotional materials is paltry in comparison. 

Under the current CFO, Saeid Raad, a lot less information is provided in the credit union's financials, confirming rumors we've heard that President Wiggington wishes to hide financial information because he's grown tired of being blamed for the credit union's decline. 

During the month of August, the credit union reports a positive influx of money in the amount of $77,136, but as the President revealed in late June, Priority One has been forced to divest some of its new business which is generating profit though not from the acquisition of new business. 

The credit union also reports having spent $40,925 on temporary staff. This confirms that Priority One is eliminating its full-time staff who are recipients of benefits and replacing them with part-time, temporary staff. Of course if they're not doing this, then President Charles R. Wiggington, Sr. is again manipulating reporting. 

Delinquencies have also continued to increase as did charge-offs. In the meantime, consumer loan funding continued to decline. A larger number of consumer loans were also referred over to collection proceedings. 

The credit union's net income continued to decline. As of August 31, 2010, it has declined to $159,345,474. As we've reported often, this amount must be further reduced by $10 million which represents the remaining unpaid balance due on the $20 million loan borrowed from the credit union's line-of-credit in mid-2008. The credit union's actual net income size is $149,345,474. The financial statements also confirm that during the month of August, Priority One paid $32,038 in interest alone. 

However, what took us by surprise and we don't know why is their total amount of year-to-date spending on consultants which is reported at a whopping $136,514. Hasn't the President insisted over the past year that he's "streamling" and "working smarter"?


Loan Loss Allowance-$2,600,000.00
Net Loans$102,343,278.00$99,073,618.00
Accounts Receivables$1,114,051.00$761,278.00
Investments in Coop$40,000.00$40,000.00
Investments in FSCC$24,000.00$24,000.00
NCUA Deposit$1,435,757.00$1,435,757.00
Accrued Income$495,429.00$5,047.00
Prepaid Expenses$397,934.00$555,518.00
Assets in Liquidation$53,601.00$370,394.00
Other Assets$0.00$29,336.00
Fixed Assets$9,623,010.00$9,624,542.00
Less: Accum Depreciation$6,463,062.00$6,506,725.00
Net Fixed Assets$3,159,948.00$3,117,817.00
Total Assets$164,297,044.00$159,345,474.00


Accounts Payable$201,496.00$10,465.00
Notes Payable$10,000,000.00$10,000,000.00
Accrued Expenses$314,419.00$356,007.00
Dividends Payable$4,754.00$9,507.00
Suspense Accounts$0.00$0.00
Other Liabilities$13,384.00$16,859.00
Total Liabilities$153,373,129.00


Regular Reserves$5,458,592.00$5,458,592.00
Undivided Income$5,465,323.00$5,541,460.00
Total Equity$10,923,915.00$11,006,098.00
Total Liabilities and Equity$164,297,044.00$159,345,474
Actual Value$154,297,044.00

Interest on Loans$496,934.00$3,431,426.00$486,307.00$3,917,733.00
Income from Investments$97,619.00$765,978.00$87,296.00$853,274.00
Fees and Charges$271,032.00$1,660,125.00$275,961.00$19,365,085.00
Miscellaneous Operating Income$25,540.00$134,959.00$22,458.00$157,417.00
Total Operating Income$889,124.00$5,992,489.00$872,022.00$6,865,510.00

Employee Salaries/Bonus’




Temporary Personnel$7,133.00$35,897.00$5,027.00$40,925.00
Payroll Flexible Spending Plan$323.00$823.00$16.00$839.00
Personal Time Off$13,784.00$95,331.00$13,343.00$108,674.00
Employee Pension Plan$4,637.00$49,783.00$3,294.00$44,077.00
Workers Compensation Ins.$6,542.00$35,409.00$3,166.00$38,524.00
Employee Medical Insurance$23,121.00$204,555.00$15,985.00$148,094.00
Medicare Expense-Employer$3,949.00$30,897.00$84.00$5,495.00
Social Security Taxes- Employer$16,884.00$132,110.00$574.00$3,776.00
FUTA Expense- Employer$156.00$5,411.00$1,713.00$14,060.00
SUI Expense- Employer$1,075.00$37,202.00$2,285.00$18,260.00
Life/Disability Ins- Employer$1,738.00$12,348.00$1,530.00$115,792.00
Credit Union League Dues$2,285.00$15,976.00$15,646.00$125,045.00
Membership, Dues, Subscription$302.00$14,263.00$3,505.00$26,162.00
Branch Lease$15,646.00$109,399.00$7,562.00$33,530.00
Property Taxes$435.00$22,657.00$10,038.00$52,949.00
Janitor Expense$4,268.00$25,968.00$2,414.00$21,517.00
Utility Expense$9,346.00$42,911.00$15,197.00$118,659.00
Building Maintenance$2,087.00$19,103.00$323.00$10,732.00
Security Expenses$1,393.00$10,409.00$28,648.00$223,757.00
Printing Expenses$4,178.00$58,909.00$10,729.00$105,598.00
Telephone Expenses$30,559.00$195,109.00$2,169.00$16,056.00
Share Draft Expenses$1,600.00$13,887.00$3,493.00$41,874.00
Equipment Maintenance$33,833.00$247,952.00$7,809.00$72,113.00
Stationeries and Supplies$3,883.00$38,182.00$28,466.00$259,939.00
Surety Bond Prem/Other Insur.$8,433.00$64,304.00$24,785.00$17,313.00
Depreciation- Furn and Equipt$29,618.00$231,473.00$25,052.00$122,458.00
ATM Expense$23,721.00$148,328.00$18,018.00$168,133.00
Check Card Expense$13,172.00$97,406.00$3,882.00$28,831.00
Technology/ Computer Expense$22,654.00$150,114.00$1,062.00$5,450.00
Misc Bank Charges$3,763.00$24,949.00$0.00$1,225.00
Education Expense- Staff$338.00$4,388.00$1,062.00$5,450.00
Education Expense- Senior Mgmt$0.00$1,225.00$0.00$1,225.00
Education Expse- Superv Comm$0.00-$2,153.00$0.00-$2,153.00
Education Expse- Board of Direct$0.00$929.00$0.00$929.00
Training Expense$0.00$14,665.00$854.00$15,519.00
Advertising Expenses$1,833.00$3,316.00$0.00$3,316.00
Loan Promotions*$8,409.00$42,258.00$2,228.00$44,486.00
Promotional Items*$0.00$1,282.00$0.00$1,282.00
Member Research*$0.00$0.00$0.00$0.00

Operating Income

Bus Development Expense$70.00$2,512.00$20.00$2,552.00
Collections Expense$1,234.00$29,626.00$2,454.00$32,079.00
Real Estate Expense$0.00$0.00$0.00$0.00
Indirect Dealer Fee$0.00$0.00$0.00$0.00
VISA Expense (????????)$0.00$0.00$0.00$0.00
Credit Investigation Expense$5,505.00$36,032.00$6,216.00$42,248.00
Lending Center$3,564.00$24,991.00$3,500.00$28,491.00
Lending Expense$2,464.00$14,260.00$2,280.00$16,340.00
Legal Expenses (?????)$5,863.00$40,341.00$6,895.00$47,236.00
Audit Expenses$5,000.00$40,822.00$5,000.00$45,822.00
Consultancy Fees (????)$11,188.00$128,539.00$7,975.00$136,514.00
Associated Manag Co.$0.00$0.00$0.00$0.00
Shared Branching Expense$7,033.00$46,419.00$7,301.00$53,720.00
CUSO Expense$438.00$1,044.00$0.00$1,044.00
Borrowers' Insurance$0.00$0.00$0.00$0.00
Dept of Fin Inst Admin Fees$1,400.00$9,800.00$1,400.00$11,200.00
Cash Short and Over$53.00$1,885.00$12.00$1,896.00
Intrst Borr $ ($10 million)$33,038.00$225,940.00$33,038.00$258,978.00
Annual Meeting Expenses$0.00$0.00$0.00$16,716.00
Board Directors/Supervisors$1,173.00$7,468.00$1,067.00$8,536.00
Annual Retreat$0.00$16,716.00$0.00$0.00
ADP Charges$3,911.00$24,131.00$3,819.00$27,950.00
Credit Union Car Expenses$0.00$0.00$0.00$0.00
General Expenses$2,345.00$46,126.00$2,563.00$48,689.00
Courier Services$4,500.00$46,523.00$3,647.00$50,170.00
Storage Expenses$3,030.00$20,117.00$3,373.00$23,490.00
Branch Expenses$0.00$0.00$0.00$0.00
Other Losses$6,414.00$62,033.00$10,169.00$72,202.00
Merger Expenses$0.00$0.00$0.00$0.00
Succession/Strategic Planning$0.00$1,345.00$0.00$1,345.00
Ballot Incident Expense$0.00$0.00$0.00$0.00
TOTAL OPER EXPENSES$736,447.00$5,259,982.00$699,654.00$5,959,546.00
Provision for Loan Losses$735,641$358,242$91,200.00$449,442.00
NCUSIF Stabil Expense$0$192,700$0.00$192,700.00
Income/Loss Operations$79,113$181,564$81,258.00$262,822.00
Dividends Paid$57,530.00$506,409.00$50,904.00$557,313.00
Loss/Gain of Disp of Assets$0.00$0.00$0.00$0.00
Loss/Gain on Disp  Invest$0.00$815.00-$46,782.00-$45,967.00
Franchise Tax Board$0.00$0.00$0.00$0.00
Total Dividends/Othr Income$57,530.00$507,224.00$4,122.00$511,346.00
Net Income/Loss$21,583.00-$325,660.00$77,136.00-$248,524.00

Priority One’s Income Statements for July and August 2010, merely affirm our assertions that neither President Wiggington or COO, Walker, have succeeded in implementing strategies or introduced cut-backs that have served to impact Priority One in either a positive or lucrative manner. Its quite amazing that the expensive efforts enacted by both executive officers have failed to produce the results so often promised.


The following account was provided by a reader, describing her experience while working at the Van Nuys branch under then Branch Manager, Sylvia Perez. Ms. Perez, despite years of employee complaints filed against Mrs. Perez, on January 1, 2007, she was promoted to the post of AVP by President Wiggington.

"I used to work at the Van Nuys branch. My supervisor was Sylvia Perez. I read the comments about her. When I worked for her, she wasn’t liked because she has this sharp way of talking down to people. She’s pushy and loud and wants people to think like she does. No thank you! [On days] When she left the office to go to Superior Industries or some other SEG or a doctor’s appointment, we would all become happy. It was a big relief for her to be away. We knew our work and didn’t need her standing over us and constantly asking what we’re doing and why we’re doing it that way. She  like micromanaging and was so hard and critical.

The reason I am writing is because the way she mishandled a robbery that happened at the branch. If you haven’t been to Van Nuys, the branch has two glass doors. Members just can’t walk in, they have to be buzzed in. One day a man walked up to the doors and started walking back and forth. He wore a sweat shirt with a hood and big sunglasses. There were two fsr’s at their desks and Sylvia was in her office. Her office is all glass and you can see every station from her desk. Someone buzzed the door and the man walked in and pulled out a gun. He robbed us and then left. None of us followed and we were all shaken up. The police were called and Sylvia called the South Pasadena office and told them what happened.

When she finished she went around asking if we were okay. I think what really got to me is when she said she saw the man walk up to the doors and she saw him pace around. She said she got suspicious and even said she thought that the guy looked like he might be getting to rob the place. She said she reached under her desk to the alarm button but decided not to push it even after he pulled out the gun. From where he stood, he could not see where her hand was and he never would have known if she pressed the button.

For a know-it-all, she mishandled the whole situation which could gotten one of us hurt or worse. Sylvia likes to tell everyone how they should act and how they should live. She is impatient and I know she used to bad mouth her employees because she thought we were not as smart as her yet on the day we got robbed she suspected the guy with the hood and big sunglasses was going to rob the branch, but she didn’t do anything, not even push the alarm button even after he pulled out a gun. How can she tell anyone how to do things or expect them to be like  when she didn’t even know what to do when a guy hiding his identity, walked up to the branch doors? And how come she didn’t  push the button even after he pulled out his gun? Sylvia is the worst manager I have ever worked for. I can’t think of one good thing to say about her. From what I read here , she hasn’t changed and she sounds worse.


On October 6, 2010, Priority One conducted what they labeled, the "2nd Quarterly Annual Meeting of 2010." Evidently, they have no idea when quarterly meetings are slated to occur.  Though the credit union is struggling financially and according to President Wiggington, efforts have been implemented to streamline spending, both the President and COO decided to hold the quarterly meeting at the War Memorial located on Fair Oaks Avenue in South Pasadena, California. We'd like to know how paying to have the meeting off-site is an example of reducing spending? 

The meeting was uninspired though it was devoid of all drama which characterized the last two quarterly meetings. Ms. Walker didn't perpetrate one of her usual shams and Training and Education Manager, Robert West, didn't read Biblical scripture is a poorly honed attempt to force employees in a state of guilt. In fact, there were no attacks on this blog. The usual 3 to 4 hour meeting last approximately 50 minutes. 

Speakers included President Wiggington, AVP/Senor Vice President/unofficial Human Resources Director, Rodger Smock, and CFO, Saeid Raad. This by the way was the first meeting in a year, President Wiggington was allowed to participate in and unlike April 2010's meeting, he spoke for more than 3-minutes.  

However, Beatrice Walker arrived late and did not participate in the proceedings.
The President informed attendees "some employees" may begin working 40-hours per week "sometime next year." He of course, didn't provide anything more specific. He also never mentioned in medical benefits would be restored. 

While the President spoke, a scowl swept across the face of CFO, Saeid Raad, suggesting that the President might have failed to confer with Mr. Raad about the restoration of full-time hours to "some" employees. Was the President being sincere or trying to sell another of his bundles of hollow promises? 

During the meeting, AVP, Rodger Smock, invited employees express their concerns for the credit union by either calling or sending emails to the President or CFO. In his words, "Feel free to them, to ask them questions, send them emails, these gentleman know what they're talking about." In early 2009, the President implemented a closed-door policy prohibiting all employees from calling, writing, or visiting his office. He also ordered closure of the two doors leading to the wing where his office is located on each door, posted two hand written signs which warned employees they were not allowed access to his wing. We also don't believe the President is qualified to answer questions about the credit union's financial standing nor can he be believed as his proclivity to lie is apparently something he has no control over. 

At the conclusion of the meeting, COO, Beatrice Walker, entered the room. The President looked surprised, suggesting she never informed him that she intended to attend the meeting. Later that day, after the meeting concluded, Ms. Walker complained to some employees that Human Resources "clerk", Esmeralda had agreed to pick-up Ms. Walker at her home, but arrived late, causing both to miss most of the meeting. Ms. Walker should have conferred with her chauffeur about the importance of arriving to the meeting on time.  
Quarterly meetings were once an important venue though which employees learned about the credit union's performance. Under Charles R. Wiggington, Sr., they've become a setting in which to perpetrate lies which try to convince attendees that things are just great when things are actually miserable on so many levels. The President again contradicted his own lies that he is trying to reduce spending when conducting the meeting at the War Memorial cost the credit union it can't afford. We think he's again trying to create the impression that Priority One is growing when it's own financials reveal it continues to lose money. 

Undoubtedly, the President and his staff and probably at the insistence of Board Chair, Diedra Harris-Brooks, is reacting to what we report on this blog. 


In 2009, we received the following account from an employee of the credit union, describing an incident involving President Wiggington, that occurred while attending a retirement luncheon. The story is only provided to provide insight into the character of the President. 

“In December, I went with Charles [Wiggington] to a postal luncheon. The three of us sat at alone at a table. For an hour and a half I got to listen to the most stupid conversation I have heard since I was in high school. Even though we were guests Mr. Wiggington talked about when he was young (which must have been a long, long time ago) how he and a friend went to a bar and met three girls. They all came back to his apartment where they partied. He said one of the women told him she wanted to go to his room and so his friend and the other women left the apartment.

He said he went in the bedroom and for the next few hours he and “the fat girl” had “wild sex.” He told us about how she did everything he wanted and said, “fat girls are good in bed because they want it more.”

While he was telling his story, I noticed a woman sitting at the table next to hours and listening to everything Mr. Wiggington said. Her eyes were wide open and she never turned away until he finished talking. I can’t believe Charles thought this was a topic to talk about. He never even thought he is the president and maybe should act like one.

She listened to everything Mr. Wiggington said and her mouth was wide open. I couldn’t believe he thought talking about some sex escapade was okay and why he thought we wanted to hear about what he did in bed. No employee should have to go through what we went through even if the one doing the talking is the president. He’s an embarrassment and I am ashamed to say I work for him.”

Anonymous, February 26, 2009



There has again been another shift in power at Priority One. Disclosures made by the President and Ms. Walker's confidants reveal that the COO's ability to manipulate the ignorant Board of Directors and in particular, its ethically depraved Chair, Diedra Harris-Brooks, has ended. The reason for this has less to do with the failure of her products and services or her abusive treatment of employees but rather, the subject of her alleged sexuality. She is being targeted by a Board made up of amoral hypocrites. 

Ms. Walker was hired to serve as the President's own executioner but he never expected her to turn against him and make efforts to displace him. The performance of the products she introduced have fared poorly, at best. Her erratic behaviors have created divisiveness amongst staff members and she has accelerated the cycle of deterioration introduced by Charles R. Wiggington Sr. which has adversely impacted business and employee morale.  

Under both the President and COO, Priority One's working environment has been a situation in which business falters but the gossip machine thrives. Security has been displaced by fear and constant campaigns which are designed to slander staff members. And both the President and COO have proven to be the two greatest violators of confidentiality. The blogger obsessed President and COO should take a long look in their emblematic mirrors before pointing crooked fingers at others in an effort to shirk all accountability for their combined failures. 

Though the goals of their many campaigns are to pull a fast one, the credit union's Monthly Income Statements and Financial Performance Reports are the true evidence of the credit union's real and unamended financial standing.   We invite the President or COO to prove us wrong. Sorry, Diedra Harris-Brooks but our invitation is not extended to your because it's obvious you don't comprehend the credit union's financials. 

To be continued...... 
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