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Govt credit union board left with only one member
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Posted on Apr 08 2012
The Commonwealth Government Employees’ Credit Union is now operating with only one member on its board following the expiration of the terms of its two directors last month.
Saipan Tribune learned that only the representative from Rota, Patricia Songsong, is currently onboard after the terms of former colleagues Arsenia Borja and Angel Hocog expired a few weeks ago.
Angel Hocog was the last chairman of the board and Ruth Ann Sakisat is the union’s manager.
Last Friday, press secretary Angel Demapan told Saipan Tribune that the governor is in the process of naming appointees to the credit union board.
“The governor is in the process of considering candidates to be nominated to the CGCU board. Once he makes his nomination[s], I will advise you accordingly,” Demapan told Saipan Tribune.
The union is a member-owned, nonprofit cooperative financial institution formed to permit those in the field of membership to pool their savings, lend them to one another, and own the organization where they save, borrow and obtain related financial services.
It was formed in February 1995 by virtue of a public law and which requires that the union be administered by a board of directors consisting of five members appointed by the governor. Each member has a four-year term.
The union has funded its operations from a $2 million loan from the Retirement Fund. This loan has yet to be fully paid, according to Fund records. In December, the union asked the Fund for refinancing so it could continue and expand its program. This refinancing request was denied by the Fund board of trustees.
