United Resources’ Capital Progress: Only One-Quarter Toward Target
More evidence of the purported failure of United Resources to achieve its capital goals surfaced Thursday in the form of the graphic thermometer used by the would-be successor to Western Bridge to show progress in raising capital.
The latest image, dated Aug. 11, indicated that $52,491,123 had been raised, towards a goal of $200 million.
As reported earlier Thursday, many sources now are saying that Western Bridge CEO Phil Perkins - who had been named to serve as CEO of United Resources if it met its capital goals – has indicated that the capital drive will fail.
The $52 million raised is up sharply from the $22.8 million that had been raised according to the July 19th “thermometer,” the most recent figure available until today’s “thermometer” surfaced.
Sources also have elaborated that apparently many of the larger credit unions that had been using Western Bridge have declined to capitalize United Resources and it would have taken their participation to close the roughly $150 million gap in capital before the Aug. 31 deadline.
Calls to Perkins’ office have not been returned.
Also Thursday, NAFCU said it was advising its members using Western Bridge to begin considering alternatives.