Members, merger partner stick around following last week’s announcement that CEO Thomas Bonds had resigned from the $3.3 billion corporate.
The NCUA on Saturday said that Western Bridge Corporate Federal Credit Union has been formally liquidated.
The Board of Directors of Corporate America Credit Union announced late Tuesday that it has accepted President/CEO Thomas Bonds’ resignation.
The Temporary Corporate Credit Union Stabilization Fund made progress against legacy asset losses in 2011, improving the fund’s net position from 2010, according to audited financial statements released by the NCUA. The fund also received a clean report from outside auditors.
The wind down of U.S. Central Bridge Federal Credit Union’s payment services “has progressed more smoothly than originally anticipated”, the NCUA said in a recent letter to credit unions.
A temporary Federal Reserve program is quietly providing a cushion to corporate credit unions as they attempt to raise capital from members to meet NCUA regulatory requirements.
A temporary Federal Reserve program has quietly reduced the amount of capital credit unions have had to pledge so corporates can meet NCUA requirements.
And then there were 16. That is the current count of corporate credit unions, after a year where all the institutions faced an Oct. 20 NCUA deadline to qualify as “adequately capitalized” per the regulator’s calculus.
Colorado corporate says it has raised more than $60 million from 176 members.
The dizzying pace of corporate events and NCUA rulemaking last week left many CU managers wondering where to turn for help.