Corporates announce signing of merger agreement, preparations for submitting application to the NCUA.
Corporate leaders had mixed reactions to this week's report from the GAO critiquing the NCUA's handling of the corporates crisis.
Oversight agency points to "poor investment and business strategies" in corporate failures.
Sources indicate report pins corporate failures on "bad investment and business strategy."
Texas-based corporate says its aim is to ease transition to new corporate after winning right to buy remnants of WesCorp.
ACH and related lines of business not included last week's eCom sale to CO-OP.
The email from the NCUA to current Western Bridge members summed it up. “The National Credit Union Administration Board awarded Catalyst Corporate Federal Credit Union (Catalyst) the exclusive right to acquire Western Bridge Corporate Federal Credit Union (Western Bridge).”
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.
NCUA awards Texas-based corporate "exclusive right to acquire" remains of WesCorp.
Kansas-based payments processor said to be, along with Fiserv, one of two bidders for U.S. Central.