In response to adding 285 former Western Bridge Corporate FCU members to its roster, the $1.7 billion Catalyst Corporate FCU has established a Western Regional Council and will add two new seats to its Board of Directors.
The move is designed to represent the new members and the more than $46.5 million in capital former Western Bridge members have pledged to Catalyst Corporate’s coffers. The new directors will be selected based upon recommendations by a Governance Advisory Council which is also made up of former Western Bridge members.
Representation is critical to Catalyst’s success in new markets, said President/CEO Kathy Garner. The Plano, Texas-based corporate already has a branch office in Hawaii and is working to secure office space in southern California, according to a release.
Catalyst Corporate has exceeded its business plan target, Garner said, now counting 1,190 capitalizing member credit unions and more than $144 million worth of Perpetual Contributed Capital. The surviving corporate will grow further when it assumes Western Bridge assets July 1.
Catalyst Corporate won the NCUA bidding for the remnants of WesCorp in December.