Burrell and Lambert Re-Elected to Board of Primary Financial

5/5/2005

COLUMBUS, OH - Primary Financial Company LLC, a credit union service organization (CUSO) owned by twenty-nine corporate credit unions and U.S. Central, announced the results of its board elections at its annual meeting in Las Vegas recently. Re-elected to its board were Bob Burrell, executive vice president and chief investment officer of WesCorp, and Lew Lambert, president, Minnesota operations, Mid-States Corporate. Each was elected to a three-year term.

“I’m pleased that Bob and Lew have decided to continue to serve on the board,” said Greg Moore, president/CEO of Georgia Central, and Primary Financial’s chairman of the board. “The board has been instrumental in creating a new direction for Primary Financial, and the experience these two bring to the table will only enhance our efforts to bring more value to credit unions.”

Bob Burrell directs the investment division of WesCorp and has been involved in financial markets for more than 30 years. Prior to joining WesCorp in 1997, he was senior vice president/group manager of capital markets and portfolio management at Boatmen’s Bankshares in St. Louis, Mo. Bob has served on the faculties of several graduate banking schools, is editor in chief of WesCorp’s risk management magazine, InsideRISK, contributing editor to the Bank Funds Management report, and co-author of the Commercial Bank Investment Management Manual. Bob attended the University of Leeds in the U.K.

Lew Lambert is president of Minnesota Operations for Mid-States Corporate. He has held his present position since December 2003. Prior to that, he was the CEO of Minnesota Corporate FCU from December 1990 through the December 2003 merger with Mid-States Corporate. Prior to that, he held various commercial lending and administrative positions with the St. Paul Bank for Cooperatives, Farm Credit Services, and the National Cooperative Bank from 1978 through 1990. Lew was a director of US Central from 1995 to 2004, serving as chairman from 1997 to 1999, and currently serves on the Central Liquidity Interface Committee. Lew is a graduate of the University of Minnesota with degrees in agricultural business administration and sociology.

Primary Financial’s board consists of six corporate credit union representatives. In addition to Greg Moore (chairman), Bob Burrell (treasurer) and Lew Lambert (secretary), other members include: Kathy Garner, president/CEO of Northwest Corporate Federal Credit Union (vice chairman); Lee Butke, president/CEO for Corporate One Federal Credit Union; and Jeff Navin, vice president/CIO for Constitution State Corporate Credit Union, Inc.

Primary Financial, with offices in Columbus, Ohio and Columbus, Indiana, is a credit union service organization (CUSO) owned by twenty-nine corporate credit unions and US Central. Primary Financial has been in business since 1996 and currently serves more than 2,600 credit unions throughout the United States through the SimpliCD certificate placement service, with almost $3 billion in credit union investments outstanding.

For more information, please contact Paul Hixon at 800/282-2560 ext. 9313 or Amy Fuller at 800/768-4228 ext. 361.