The Western Bridge Corporate Charter Committee announced it had elected a seven-member board of directors to lead the transition into a new corporate credit union. The committee also named a three-person supervisory committee.
The charter committee further agreed that board members will be chosen to reflect asset size classes of member credit unions, insuring that large, small and medium sized credit unions would be represented on the board. Two directors will come from CUs larger than $1 billion, two from credit unions in the $100 million to $1 billion range, and two will come from credit unions smaller than $100 million. At least one director must also come from a credit union outside California.
Elected to the board of directors were Bill Before (chief financial officer, Spokane Teachers CU); Matt Davidson (chief financial officer, Kern Schools FCU); Jim Aley (chief financial officer, Honda FCU); Shane Berger (CEO, Beehive FCU); Paul Lewis (CEO, San Diego Medical FCU); Elizabeth Lipke (CEO, Bourns Employees FCU); and Charles Papenfus (CEO, Inland Valley FCU).
The supervisory committee members are Francisco Nebot (chief financial officer, SchoolsFirst FCU); Mike Harden (chief operating officer, F&A CU); and Donna Young (chief operating officer, Vons CU).
As for the probability that Western Bridge will successfully recapitalize, board member Shane Berger said in an interview, "I am very optimistic." He added: "Going forward, there will be closer oversight from the regulator...We are very happy with the item processing and settlements we have received at WesCorp, and we expect to stay happy with the new corporate."