Constitution Takeover To Take Ninety Days
The operations takeover of the soon-to-be liquidated Constitution Corporate Federal Credit Union by the also NCUA-conserved Members United Bridge Corporate FCU should take 90 days.
At the same time, Connecticut-based Constitution is apparently closing its Wallingford office according to a message put out over the weekend by the acting president/CEO Charles W. Furbee.
In a Nov. 30 letter sent to its membership detailing what he said was "an important industry development." Furbee said the operations switch is "part of NCUA's commitment that payment processing and other support" for Constitution members continue uninterrupted.
"Over the next 90 days the former members of Constitution will transition to the systems and processes provided by Members United with no degradation of service to our current members," wrote Furbee.
Once the transition is complete, "the Connecticut facility will be closed," wrote Furbee.
However, "Members United will maintain a presence in Connecticut with three locally based, long tenured staff members who will continue to serve the Connecticut members," he said.
With common systems between the two corporates "and a contiguous geography, this business combination makes intuitive sense," continued Furbee noting he planned to provide MU members information on the progress of the transaction.
A spokesman for NCUA said it expects to issue a detailed fact sheet later today on the Constitution liquidation and MU takeover of operations.