NCUA OKs Distribution of United Resources FCU Business Plan
United Resources FCU–the new credit union attempting to form out of the remains of Western Bridge Corporate FCU–announced Friday that it has received approval from the NCUA Office of Corporate Credit Unions to distribute its business plan to Western Bridge members.
Distribution of capital offering materials is expected shortly, according to United Resources.
Of particular note, the business plan calls for creation of a corporate credit union with assets in the $4 to $5 billion range. When WesCorp was put into conservatorship by NCUA in March, 2009 it had about $23 billion in assets.
United Resources nonetheless aspires to offer a broad range of services though the corporate will be significantly reduced in scale. In its statement, United Resources said: “United Resources FCU will offer a complete portfolio of products comprised of payment services, liquidity products including term loans, and short-term investments in compliance with NCUA’s new corporate credit union regulations.”
Prospective member credit unions have until Aug. 31 to choose to fund the new corporate or to decline.