Western Bridge Next Steps?
The initial NCUA-sponsored bidders conference for corporate credit unions interested in possibly acquiring all or parts of the failed Western Bridge corporate credit union was a month ago and now questions are circulating among credit unions about probable next steps.
Answers are beginning to emerge in the form of alternative scenarios for the conserved corporate and its some 875 members. Nothing is coming out of the NCUA–other than to acknowledge that four entities have expressed interested in bidding. The NCUA declined to reveal their identities, but industry sources told Credit Union Times they are Alloya, Catalyst, SunCorp and CenCorp.
The willingness of the current 800 Western Bridge users, and also their ability to, capitalize is a large untested question. What is known is that just around 300 of them had committed to capitalize the ill-fated United Resources, the planned new corporate that failed to rise out of Western Bridge in the summer.
That means about 500 declined to put up capital and their willingness to capitalize another corporate is unknown.