United Resources in Last Dance?
Latest postings on the capital raised by United Resources in its progress towards a charter as a new corporate underline that the entity is in deep trouble.
Capital raised to date is $72,678,131, according to numbers posted Tuesday on a password-protected, members-only website, according to sources who said they had seen the Web pages.
The stated capital goal for United Resources – the corporate planned as a successor to Western Bridge – had been set at $200 million with a deadline of Wednesday.
As of Aug. 11, United Resources had raised $52,491,123. Progress has been steady – witness last week’s announcement from Patelco Credit Union that it had decided to put capital into United Resources – but it apparently is falling very short of goal.
Capital commitments from credit unions apparently have lagged in every size category, according to numbers posted on the website.
Among credit unions larger than $1 billion in assets, United Resources said it needed commitments from 21, out of 107 present Western Bridge customers of that size. Present commitments in that category only number nine.
With mid-sized credit unions – $500 million to $1 billion – United Resources said it needed commitments from 33. So far it has gotten them from nine.
Among credit unions smaller than $500 million, United Resources needed 463 commitments, it has received 207.
“I don’t think they will reach $100 million,” said a California credit union chief executive who requested anonymity.
As of June, Western Bridge said it was serving 885 credit unions.