Georgia Corporate and Southwest Bridge File Consolidation Plan With NCUA
Georgia Corporate and Southwest Bridge Corporate announced on Friday they have filed a detailed merger application packet with the NCUA’s Office of Corporate Credit Unions.
Amy Fuller, COO of Georgia Corporate, said the document was 776 pages long – “It offers extensive detail.”
The business model for the proposed new corporate – to be named Catalyst – is described in full in the document, Fuller said.
Greg Moore, CEO of Georgia Corporate, elaborated in a prepared statement: “The merger application packet represents months of planning and we are confident that when viewed comprehensively – beginning with the strategy and ending with more than 300 pages of detailed integration plans – it makes a compelling case for approval.”
Fuller, in an interview, indicated the plan “conservatively” forecasts that 935 credit unions will join in capitalizing Catalyst. Today, Georgia Corporate and Southwest Bridge have “just over 1,500 members,” said Fuller.
Fuller added that the corporates anticipate that the NCUA board of directors will vote on the merger at its scheduled July 21 meeting.