Corporate No More: Western Bridge Formally Liquidated
The NCUA on Saturday said that Western Bridge Corporate Federal Credit Union has been formally liquidated.
The remaining 326 capitalizing members, representing $50.3 million in contributed capital, have been migrated to Catalyst Corporate FCU of Plano, Texas, the agency said, and the San Dimas, Calif., corporate was officially closed at the end of the day on Friday.
The formal shutdown of Western Bridge marks another milestone in the saga that began when the $23 billion WesCorp was conserved in 2009 after massive investment losses. A series of lawsuits and settlements involving its senior executives and the NCUA followed.
Western Bridge was formed to provide continuity of service for member credit unions and a drive to capitalize a new corporate credit union, to be named United Resources, fell short. The NCUA then conducted a bid process for a new owner and gave Catalyst the right to acquire Western Bridge last December.
Catalyst itself now has 1,232 members and $147 million in capital, the NCUA said. It was formed by the 2011 merger of Southwest Bridge and Georgia corporate federal credit unions.
“The closing of Western Bridge’s doors is an important milestone for the entire credit union system,” NCUA Board Chairman Debbie Matz said Saturday in a statement. “Consistent with NCUA’s Corporate Resolution Plan, we have smoothly transferred the former corporate’s members and services to Catalyst while minimizing costs for all credit unions.”