Catalyst Corporate – the new institution arising out of the merger of Southwest Bridge Corporate with Georgia Corporate – announced Tuesday that it had opened its doors for business.
Plano, Texas-headquartered Catalyst says it has $93 million in Perpetual Contributed Capital and, according to Amy Fuller, vice president-communications at Catalyst, the new corporate has 882 members.
Fuller added that the board of directors of Catalyst authorized the hiring of a search firm to fill the position of CEO, a job now held by Dianne Addington, who had served as CEO of Southwest Bridge. Addington is not a candidate for the permanent position, said Fuller.
Fuller also said that Greg Moore, who had served as CEO of Georgia Corporate, is now an executive vice president at Catalyst.
Lastly, Fuller indicated that – in light of the failure of United Resources to capitalize – she anticipated that Catalyst will be making its case to West Coast credit unions that are looking for a new corporate credit union alliance.
“We feel we have a value proposition that will serve many of those credit unions,” she said.
Addington added in a statement: “Throughout the last year I have heard from many credit union executives who want to continue to use the services of a corporate, but who have said loud and clear that they must reduce their exposure to risk. Catalyst Corporate represents this low-risk value proposition. We have minimized the amount of capital a credit union puts at risk by employing tools that enable us to reduce the size of our balance sheet and require less member contributed capital.”
The new corporate is planning a two-day economic forum – “Engaging a New Era” – set for Sept. 28-29 in Atlanta.