tag:blogger.com,1999:blog-7093967394710757386.post544648597877844406..comments2023-10-09T07:37:45.231-07:00Comments on What Happened to Priority One Credit Union?: Floundering in QuicksandJohn Rodartehttp://www.blogger.com/profile/17859747586374406241noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-7093967394710757386.post-36148870109556947492009-07-31T13:40:49.455-07:002009-07-31T13:40:49.455-07:00what has happen to the election other that the Que...what has happen to the election other that the Queen putting her friend to run after the closing of the nomination. Which i did call the DFI and NCUA to report that Miss Queen had put her friend in after she found out the David Davidson was runing.<br /><br />Come on Miss Queen we know what you are up to!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-44418331944244333162009-07-29T12:10:38.696-07:002009-07-29T12:10:38.696-07:00Who ever said that P1 might have a take over looks...Who ever said that P1 might have a take over looks right to me.<br />looked at the reports on NCUA and<br />P1 has gone down hill.<br />What are you waiting for Board !!! need to move quickly or we will be closing are doors <br /><br />Someone please explain why Wiggington is still there!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-77497053237587337112009-07-25T21:18:09.079-07:002009-07-25T21:18:09.079-07:00Some people want to do something good in life to h...Some people want to do something good in life to help others and to be remembered, but Wiggington just wants people to know him as the guy with no morals. What a goal.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-11626403358796469292009-07-24T21:20:47.015-07:002009-07-24T21:20:47.015-07:00When Wiggington found out Dave Davidson was going ...When Wiggington found out Dave Davidson was going to run for a chair on the supervisory committee, he and Diedra slowed down the preparations for the election process to give themselves time to plot a plan. They got a new nominee, who filed his nomination AFTER the deadline. The election is going to happen but they are making certain that their guy has a chance to beat Dave Davidson. Stupid and one of the other board members couldn't keep quite their plan a secret.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-77997082970272832742009-07-24T14:04:29.123-07:002009-07-24T14:04:29.123-07:00$30.00 is what the get for comming to the meeting,...$30.00 is what the get for comming to the meeting, Mr. harris stop it at one point however afer he left it's a free for all. Joe Marchica is the one who pushed for hat.They also get mileage.<br /><br />any one knows what happen to the election?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-55920151303239296922009-07-23T18:10:14.626-07:002009-07-23T18:10:14.626-07:00About 5 years ago the board of directors traveled ...About 5 years ago the board of directors traveled to Europe to attend "educational" classes. Mr. Harris protested but the board decided they needed to go to Europe. Do any of you really believe they attended classes? Is there any proof they attended classes? And why do they get paid $30 to attend board meetings? Is the $30 for gas? If so, do they actually spend $30 traveling to and from P1? Plus don't they get food while at the meeting? <br /><br />I heard only one board member went to the grand opening of the Airport branch. What happened to nosey old Diedra? How about Saffold the member who believes P1 needs a Black ceo vs a competent one? <br /><br />Losers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-58353087933659405822009-07-22T17:19:21.528-07:002009-07-22T17:19:21.528-07:00Even if they didn't offer subprime lending, P1...Even if they didn't offer subprime lending, P1 would have been hit hard by the % owed to the NCUA from the stabilization act. But even so, they knew they were going to have to pay that money, why weren't they prepared? They have a CFO and Wiggington is the CEO, how could they not have had the money set aside to pay the NCUA? And the reason they are probably only paying interest on the $20 mill is probably because they can't afford to pay back that loan. If they lent the $ to Wescorp, how much has Wescorp paid back?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-41103637587348862672009-07-22T09:38:13.711-07:002009-07-22T09:38:13.711-07:00This board and superisory committe
have travel alo...This board and superisory committe<br />have travel alot and bring back not a dam thing, Veags is a big one for the board Europe they have been there and had thier own Christmas party (big time bucks).<br /><br />Some of the board are nice people but they want thier trips and $30.00 a meeting and that's it.<br /><br />AS you can see Wiggington is still there, if the board was smart they would first not have replace Harris<br />with wigg, and second they would have remove wiggalong time ago,<br />and called Harris back to get that credit union back to what it was.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-69998039261507831262009-07-21T21:25:12.852-07:002009-07-21T21:25:12.852-07:00Yesterday, P1 opened its newest branch. There were...Yesterday, P1 opened its newest branch. There were a few postal people, some P1 employees but no business owners from the area. What a stupid oversight! A PR nightmare! After the ribbon was cut, Charles didn't say thank you, welcome, how are you, kiss my ass -nothing. He has got to be the stupidist CEO anyone has ever seen. I guess he's too dumb to know that when you cut the ribbon you're supposed to welcome visitors.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-25505552535548189722009-07-21T19:05:19.818-07:002009-07-21T19:05:19.818-07:00Have any of you spent time going through June'...Have any of you spent time going through June's financials? It contains some odd entries. <br /><br />Under Education Expense-Staff Priority One spent $79.00 in June. That seems like a very little amount for staff development, doesn't it? But its a lot more than Priority spent on education for senior management, the supervisory committee or the board of directors. <br /><br />Education Expense-Senior Management <br />$0.00 <br /><br />Education Expense-Supervisory Committee <br />$0.00 <br /><br />Education Expense-Board of Directors <br />$0.00 <br /><br />In a lot of credit unions, money is spent educating Supervisory Committee members and members of the Board, but not at Priority One. This is probably why the committee and the board are have made a mess out of Priority One. They have no desire to learn or to develop their knowledge.<br /><br />For June, $19,241.93 was spent on legal expenses according to the financials. Why? <br /><br />In June, Priority One paid $5371 for Shard Branching though in part of June and July, members couldn't access the program which was a waste of money for a credit union that is already losing money.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-44451747731839182902009-07-21T17:13:17.439-07:002009-07-21T17:13:17.439-07:00CORRECTION:
I have just been advised that P1'...CORRECTION: <br /><br />I have just been advised that P1's reported capital is not 5% as reported yesterday by a reader of this blog, but 7% which under NCUA guidelines, means they remain capitalizaed albeit it be by only 2%.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-76457731125893577762009-07-21T17:02:38.738-07:002009-07-21T17:02:38.738-07:00John, a person wrote "As of the 6/30/09 5300 ...John, a person wrote "As of the 6/30/09 5300 Call Report, P1 reported capital of about 5%....that would mean that by the NCUA's standards they are under or are at a "under capitalized" level."<br /><br />What is the capitalized level? Isn't it like 7%? If they are undercapitalized this is realy, really bad. <br /><br />Did you know that P1 is getting ready to install a phone center? <br />Theres a wall behind the teller area at S Pas and that's where they are going to set up the call center. Its the new COO's idea. <br />How much is that going to cost? Why do they keep spending on trying to correct things instead of correcting the problems they already have?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-61028028892016398032009-07-21T16:05:44.253-07:002009-07-21T16:05:44.253-07:00Ya, what happened to the election? This is too lon...Ya, what happened to the election? This is too long.<br /><br />And I just visited P1's website at www.priorityonecu.org. The person who wrote that P1 is "Accepting warrents from the State of California!" is right. Here's what's written on their site:<br /><br />Yes! We too are California citizens and doing our part to support the state.<br /><br />Yes! We are accepting California Registered Warrants (IOU's) <br />from Priority One Credit Union Members. <br /><br />The last time IOUs were issued was back in 1992 but the economic problems then were nothing compared to the problems we have now. At the time, some banks honored the IOU's. Can you pay your taxes using the state issued IOU's? Yeah, right. Not a smart move on the part of P1.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-1247366437500759382009-07-21T14:35:42.841-07:002009-07-21T14:35:42.841-07:00For months its been said that Wiggington borrowed ...For months its been said that Wiggington borrowed the $20 million to lend to Wescorp so that they could pay it back to P1 with interest. Problem is he still owes the $20 million plus whatever interest is owed on the loan. I just wonder is the interest being paid by Wescorp offset what Priority One owes on the loan? And, after what happened to Wescorp do they still owe P1 any part of the loan?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-17405320623780601842009-07-21T13:55:38.931-07:002009-07-21T13:55:38.931-07:00Accepting warrents from the State of California! W...Accepting warrents from the State of California! Who's idea was that<br />it's on your web site<br /><br />Good Job Wiggington, you keep showing us how stupid you are.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-16945318110573047952009-07-21T13:49:41.120-07:002009-07-21T13:49:41.120-07:00Has any one heard what is happening with the elect...Has any one heard what is happening with the election?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-15421939820920567012009-07-21T10:52:08.302-07:002009-07-21T10:52:08.302-07:00the 20 million was given to WesCorp
as a loan.the 20 million was given to WesCorp<br />as a loan.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-18082018944040365972009-07-21T00:44:22.986-07:002009-07-21T00:44:22.986-07:00Whats up with the three hours plus lunches? do any...Whats up with the three hours plus lunches? do any of those three do any kind of work?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-15416026374181261352009-07-21T00:42:19.857-07:002009-07-21T00:42:19.857-07:00What a pity 1 person can cause so much damage.What a pity 1 person can cause so much damage.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-9146646985632434022009-07-20T21:21:31.802-07:002009-07-20T21:21:31.802-07:00This is the complete message I received earlier to...This is the complete message I received earlier today, from one of this blog's readers:<br /><br />I don’t want to yell fire in the theater, but check this out: <br /><br />In June 2008 POCU had $720,000 in their Allowance for Loan Loss, by 2009 they had set aside $2.6 million almost double what they had in March 2009 of $1.450m. <br /><br />As of the 6/30/09 5300 Call Report, P1 reported capital of about 5%....that would mean that by the NCUA's standards they are under or are at a "under capitalized" level. <br /><br />A conservatorship by the DFI on 12/31 could be too conservative (at the rate they are losing money)...by 9/30 the DFI in the house could be the reality. <br /><br />The only good news for members is that their deposits are insured to $250k by the NCUA. <br /><br />What a shame...P1 could have been great.John Rodartehttps://www.blogger.com/profile/17859747586374406241noreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-33185052937926446612009-07-20T21:15:43.391-07:002009-07-20T21:15:43.391-07:00He hids the financials because the credit union is...He hids the financials because the credit union is getting more in the negative.<br /><br />He hides the financials because he doesn't want readers to see that P1borrowed $20 million and because they are only paying off the interest. <br /><br />He hides the financials because he doesn't want readers to see that the Allowance for loan losses keeps increasing. <br /><br />Didn't he think he'd be found out?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-29605838289184527982009-07-20T18:57:33.462-07:002009-07-20T18:57:33.462-07:00June 2008 $720,000 Allowance for Loan Loss
March ...June 2008 $720,000 Allowance for Loan Loss<br /><br />March 2009 $1.45 million Allowance for Loan Loss<br /><br />Now, later in 2009, the amount has almost doubled to $2.6 million <br /><br />Wow! Obviously, the amount needed to cover loan losses is increasing instead of decreasing. <br /><br />Some of you are right, Priority One didn't enter the subprime lending market and saved themselves. Smart move on the part of Harris. But what has caused the losses which finally hit in late 2008 and have continued in 2009? <br /><br />What has Wiggington spent money on? And why borrow $20 million? I notice no one from the credit union or the Board has ever provided an explanation to justify why the money had to be borrowed. So why was it borrowed? Anyone? Mr. Wiggington? <br /><br />Maybe the reader is right, The DFI might come a knockin' later this year maybe in just a couple of months. Sad because it was avoidable. Pathetic because the board didn't consider the well-being of members or for that fact, employees. They should be sued.Dr Nonoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-84011812309526845582009-07-20T18:13:28.536-07:002009-07-20T18:13:28.536-07:00The last 2 weeks, Wiggington is hardly in the offi...The last 2 weeks, Wiggington is hardly in the office & when he is he's walking aboutn talking on his cellular or looking at whatever it is he looks at on his laptop and PC. But it ain't work.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-20746774373750620542009-07-20T16:35:43.868-07:002009-07-20T16:35:43.868-07:00"I don’t want to yell fire in the theatre, bu..."I don’t want to yell fire in the theatre, but check this out: In June 2008 POCU had $720,000 in their Allowance for Loan Loss, by 2009 they had set aside $2.6 million almost double what they had in March 2009 of $1.450m. <br /><br />A take over by the DFI on 12/31 could be too conservative (at the rate they are losing money)...by 9/30 the DFI in the house could be the reality. What a shame."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-41945831414798039942009-07-20T10:54:23.412-07:002009-07-20T10:54:23.412-07:00Yes it is unbelievable that the board has not acte...Yes it is unbelievable that the board has not acted, and before Mr. Harris took over <br />P1 credit union was going to be taken over but he brought it way up the assets size was around $176mm before Mr. Harris left, from around 90m when he first took over. Now the assets size will be around 160 mm after the loan is paid off.<br /><br />Which leads to questions like is the board honest or they getting kick backs along with Charles?<br /><br />The auditors real need to look at their accounts. <br /><br />What is going on with the Elections? David Davidson put in to run yet he has not heard from them.<br /><br />Why is the board still clinging on to Charles how much are they getting, low interest rates on their loans higher interest rates on the CD? Who knows what’s going on with them?<br /><br /><br />Mr. Harris if you are reading this come back the place is going to hell real quick.Anonymousnoreply@blogger.com