Is Western Bridge Falling Down?
It is countdown to an Aug. 31 deadline for United Resources, the new corporate that may rise out of Western Bridge, but there are plenty of signs that credit unions are looking for alternatives as the evidence mounts that the capital goal will not be reached.
From trade association NAFCU and CUSO ProDraft to technology provider Bluepoint Solutions and other corporate credit unions such as Corporate One and Corporate America, the race is on to help create a smooth transition for the approximately 885 credit unions presently doing business with Western Bridge.
In this mix as well is Columbus, Ohio-based Corporate One, said Robert Coyan, senior vice president, who indicated that “we have been fielding an increase in calls from credit unions,” presumably as doubts about United Resources’ future deepen. Coyan stressed that “more than 10% of our membership is from the western part of the U.S., so we already have a footprint in the region. In fact, we've added 12 new members from the western region just recently.”
Coyan also indicated that Corporate One is ready to embrace smaller credit unions. “More than 60% of our membership has assets of less the $50 million, so we are well equipped to handle this size credit union.”