Charles R. Wiggington, March 6, 2009
The quote is one that is typical of President Charles R. Wiggington, Sr. and characterizes his tendency to exalt his so-called abilities. We find it odd that in this case, he's boasting about a temporary solution. Since last year, Priority One Credit Union's ability to obtain new business has suffered so much so that in mid-2008 he borrowed $20 million from the credit union's line of credit. Since then, the credit union has paid approximately $30,000 to $33,000 a month in interest. Not one penny has been paid towards the principle which is what determines the amount of interest paid by the credit union. This dispels his statement that he is a "solutions man"- temporary or otherwise.
Of course, his statement is being challenged by other indicators that maybe he's not quite the "solution man" he'd like people to believe he is. Delinquencies have recently increased as have account closures. There is also the issue of employee morale which has been deteriorating since Charles R. Wiggington, Sr. became President on January 1, 2007.
The President's inability to keep his mouth shut and need to verbalize all things confidential coupled by his embarrassing behaviors have contributed to the sense of despondency afflicting the credit union.
There are also his embarrassing public behaviors including the fact that earlier last year, he was found guilty of sexually harassing a former employee.
What Charles R. Wiggington, Sr. has proven is that he is impotent when it comes to creating solutions to the horrendous dynamic he's created which is causing the credit union to incur substantial losses in business.
As for the credit union's future, it looks bleak. We don't foresee the President introducing solutions to the long array of problems he alone created. Expect the worst because there is no way this "solutions man" can save Priority One Credit Union. Sorry, Sir Wiggington, but you can't talk anyone into drinking the elixir you offer.
