Southwest Corporate Bridge Votes to Merge With Georgia Corporate
In an online vote held last week. members of the failed Southwest Corporate Bridge Federal Credit Union voted to merge with Georgia Federal Credit Union.
493 votes were cast for the merger out of 540 total ballots cast, said Kerry Parker, chairman of the Southwest Bridge executive committee and CEO of A+ Federal Credit Union. She added, "I am very happy about the high number of votes cast."
The combined entity will operate under the Georgia Corporate charter. It will however operate under a new name, yet to be determined, Parker said.
Next steps include approval of the plan by NCUA. "They have the final authority," Parker said.
A road show to raise capital from members is also on the to-do list, said Parker, who indicated she anticipated that phase will be concluded by August and, assuming government approval of the plan and sufficient capital raised, the new corporate will shortly thereafter open for business.