The NCUA on Monday issued its approval for the proposed merger of Southwest Bridge Corporate with Georgia Corporate, according to a statement from Georgia Corporate.
The approval was given in a closed-door meeting.
“The Catalyst model represents a combination of traditional and progressive thinking,” Greg Moore, president/CEO of Georgia Corporate, said in the statement. “The support of our members, and now the approval of the NCUA Board, demonstrate a growing awareness that the cooperative corporate model continues to be extremely valuable, but that in the future it must be highly efficient and able to achieve success with less balance-sheet risk.”
Two more steps remain in the creation of Catalyst. On Tuesday, members of Southwest Bridge will vote on the merger at a special members meeting. Then on Wednesday the Georgia Corporate board votes.
“We will open our doors as Catalyst Corporate on September 6th and be ready to provide seamless, world-class service to our members on day one,” said Moore.
To date, Catalyst said, it has raised $92.7 million in perpetual contributed capital from 875 members.