The new board of United Resources Federal Credit Union – which hopes to rise from the remains of Western Bridge Corporate – announced Tuesday it has submitted a charter application to the NCUA.
Officers from 31 current Western Bridge member credit unions have signed their names to the application, said Matt Davidson, CFO of Kern Schools FCU in Bakersfield, Calif., who has been elected as the first United Resources board chairman.
All 885 members of Western Bridge have received a capital solicitation to fund the proposed new corporate. They have until Aug. 31 to join in the capitalization effort, said Davidson.
“We expect to be chartered in September and to open for business in October,” he said.
Davidson said the “low target” for capitalizing United Resources is $200 million. He added that the goal is to get more than 500 credit union members.
He further noted that the 31 credit unions that have signed the charter have collectively almost $19 billion in assets, “representing some $20 million in potential capital to United Resources.”
“I am optimistic,” added Davidson. “There is a need for a corporate credit union in the western states. We have the expertise through Western Bridge. Credit unions need to decide where they are getting settlement and liquidity and I hope it is at a corporate.
“By August 31 we will have the commitments,” said Davidson. “Or we won’t.”