Exactly what they may be bidding on – and for how much – remains shrouded in secrecy at the NCUA but Credit Union Times has learned that four corporate credit unions may have emerged as potential bidders for the failed Western Bridge corporate.
At the California and Nevada Credit Union Leagues’ 2011 Annual Meeting and Convention on Oct. 28, the NCUA’s corporate credit union office director, Scott Hunt, told credit union executives that the agency anticipated receiving four bids.
He did not characterize the bids or indicate their acceptability to the NCUA.
These remarks were first reported in a story published in the California and Nevada Credit Union Leagues’ CU Weekly publication.
In response to a question from Credit Union Times, NCUA spokesman David Small indicated that, “four corporates were conducting due diligence. He [Scott Hunt] did not say anything [at the League meeting] about receiving bids. We are encouraged that we will find an acquirer given we have four corporates looking but we cannot make any guesses as to what the bids may look like.”
Sources indicate that the four corporates presently involved in the bidding process are Alloya, SunCorp, CenCorp and Catalyst. Executives from those corporates declined to confirm or deny this.
