Pending regulator approval, the purchase and assumption of the$1 billion First Corporate Credit Union by the $2 billion Catalyst Corporate Federal Credit Union will be official Oct.29.

Nearly all FirstCorp members voted to approve the P&A Aug.17 in the Phoenix corporate's headquarters, the organizationsaid.

“We proposed this type of consolidation with Catalyst because itoffers many benefits to our member credit unions, and I'm pleasedto announce today that we have taken a major step forward towardcompleting the transition to Catalyst,” said David Doss, chairman of FirstCorp and president/CEO of the$1.35 billion Arizona State Credit Union, located in Phoenix.

“All the members support this concept of a sustainable model,which will allow us to continue to enjoy low-cost, comprehensivewholesale financial services well into the future,” Doss said.

The transaction, firstannounced May 9, will involve Catalyst's purchase andassumption of certain FirstCorp assets and share accounts. However, legacy assets will remain in the FirstCorp charter untilthey mature or are sold.

According to FirstCorp's 2011 annual report, as of Dec. 31,2011, it had $28.8 million worth of Perpetual Contributed Capitalon the books.

The corporates said in a release that they do not anticipate anyobstacles to approval of the P&A by the NCUA or the ArizonaDepartment of Financial Institutions, as it benefits members,regulators and the share insurance fund.

Catalyst now has the green light to offer FirstCorp members PCC,which is required for membership. FirstCorp members have until Oct.26 to make that purchase.

The Plano, Texas-based Catalyst said back in May that theconsolidation will be seamless for FirstCorp members, because itcan duplicate all FirstCorp products and services, and thecorporate has recent experience merging in the back officeoperations of both Georgia Central Credit Union and WesternCorporate Federal Credit Union back office operations.

FirstCorp members faced a Sept. 30 deadline to find another ACHprovider, as U.S. Central Bridge FCU will discontinue its APEX-ACH service in anticipation of closing forgood by the end of this year.