Primary Financial Names New Officers, Re-Elects Directors

5/17/2006

COLUMBUS, OH - Primary Financial Company LLC, a credit union service organization (CUSO) owned by twenty-nine corporate credit unions, appointed new board officers and announced the results of its board election during its annual meeting in Miami recently.

Lew Lambert, president of Minnesota operations for Mid-States Corporate FCU, was named board chair. Jeff Navin, vice president/CIO for Constitution Corporate FCU, was appointed vice chair. Bob Burrell, executive vice president and chief investment officer of WesCorp, will continue to serve as treasurer. Kathy Garner, president/CEO of Northwest Corporate FCU, will serve as secretary. Garner was also re-elected to a three-year term on the board of directors.

In addition to the officers, Lee Butke, president/CEO for Corporate One FCU, and Greg Moore, president/CEO of Georgia Central CU, serve as directors. Moore was also re-elected to a three-year term on the board of directors.

Lambert has held his present position with Mid-States 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. 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. Lambert was a director of U.S. Central Credit Union from 1995 to 2004, serving as board chair from 1997 to 1999. He is a graduate of the University of Minnesota with degrees in agricultural business administration and sociology.

Navin manages Constitution Corporate’s fixed-income portfolio, the cash management process, securities, custody and the creation of liability products to fund the portfolio. Previously, he was Constitution’s vice president for risk management and also served as the corporate’s chief compliance officer. He has over 20 years of professional experience in banking and financial services. Prior to joining Constitution, he was an assistant portfolio manager at Conning Asset Management. Navin earned an MBA with a concentration in finance from the University of Connecticut, and a bachelor's degree in economics and finance from the University of Hartford. He is a Chartered Financial Analyst (CFA).

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. Burrell 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. He attended the University of Leeds in the U.K.

Garner has served in her current position with Northwest Corporate since 1995. Prior to that, she was an Investment Adviser with Corporate Network Brokerage Services, Inc.'s investment management division, and she spent nine years with U.S. Central in the asset/liability department. She currently is the board chair of CU Business Group, LLC and also serves on the board of U.S. Central and currently is the vice chair. Garner holds a bachelor's degree in finance from Utah State University and an MBA from the University of Missouri/Kansas City.

Moore began working for Georgia Central in 2002 as president/CEO. Prior to that, he worked for U.S. Central where he held positions including portfolio manager, asset/liability; managing director, investment sales; and vice president, relationship management and member services. He holds a bachelor’s degree in business administration from the University of Kansas and holds NASD Series 7 and 63 licenses.

Primary Financial Company LLC, with offices in Columbus, Ohio and Columbus, Indiana, is a credit union service organization (CUSO) owned by twenty-nine corporate credit unions. Primary Financial has been in business since 1996 and currently serves nearly 2,900 credit unions throughout the United States through its SimpliCD certificate placement service, with $2.35 billion in credit union investments outstanding.

For more information, please contact Paul Hixon at 800/282-2560 ext. 9313.