Fourteen Corporates Bidding to Buy Parts of US Central
Fourteen corporate credit unions have submitted a plan to NCUA to buy a range of assets of US Central Bridge, including payment services, products and other services.
A source involved in the transaction said that continuing these services is “essential. This will provide continuity of service, without interruption, to credit unions that depend on these services.”
Additional details about the offer–such as dollar amounts and the possible form of the new entity that would own and operate the services–have not been released.
Sources indicated that a response from NCUA was hoped for by the end of April, but there has been no indication from the regulator about the speed at which it plans to review the offer.
Other portions of US Central such as its broker dealer operation are also rumored to be available for purchase. At present, no possible purchasers are known to have surfaced.