SAN DIMAS, Calif.–Robert A. (Bob) Siravo, the former CEO of WesCorp who the subject of much controversy after receiving a $6-million payout a year prior to the corporate’s conservatorship, has died, according to several sources.
Siravo was named president/CEO of Western Corporate FCU in May of 2002 after having served as its chairman while he was president of Travis Credit Union. Siravo previously was CEO at Santa Clara County FCU and Network FCU before succeeding Richard M. Johnson as head of WesCorp. Like Johnson, Siravo also had a long career in the military, serving 20 years in the U.S. Air Force.
Siravo oversaw the rapid growth of WesCorp during the heady days of the early 2000s, before it and others were hit hard by the economic crisis and the mortgage meltdown. At its peak WesCorp had $34 billion in assets; after it collapsed, it was absorbed by Catalyst Corporate, the former Southwest Corporate FCU.
One year before WesCorp was seized by NCUA Siravo received a $6-million payout, which angered many in credit unions, especially as CUs had to pay into a corporate stabilization fund in order to replenish capital.
Siravo and four other members of WesCorp’s senior management team eventually entered into litigation with NCUA when the agency filed suit, with the WesCorp executives arguing that NCUA had representatives on-site full-time at the corporate and were completely aware of its activities and the condition of its balance sheet.
That litigation was eventually settled, but NCUA issued a prohibition order against Siravo in 2009 that included a $600,000 fine and also prohibited him from working for, holding office in or being involved in the operations of any federally insured credit union.