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April 22, 2012
Barely three years ago, an entire industry teetered on the brink of financial collapse as four corporate credit unions, US Central, Wescorp, Members United, and Southwest Corporate reported massive losses in their investment portfolios, losses that not only would eradicate their capital but threaten the uninsured shares and daily operations...
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By Robert McGarvey |
April 15, 2012
Go big or go home. Those five words outline exactly what is happening with the proposed merger of $1.8 billion Warrenville, Ill.-based Alloya with $1.5 billion Southfield. Mich.-based CenCorp. It’s a marriage of corporate credit unions that, if approved by CenCorp members and regulators, will produce an entity with assets...
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By Robert McGarvey |
April 13, 2012
Proposed corporate merger would produce one of the nation's largest remaining corporate credit unions. Find out more in this preview from next week's print edition.
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By Robert McGarvey |
April 10, 2012
Alloya Corporate FCU and Central Corporate Credit Union announced Tuesday that their boards have signed a non-binding letter of intent to merge.
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By Robert McGarvey |
February 14, 2012
St. Louis operation joins exodus from U.S. Central Bridge.
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By Robert McGarvey |
January 16, 2012
Mark the calendar: The NCUA aims to turn off the lights at the conserved U.S. Central Bridge no later than Dec. 31, 2012, and now it has announced the specifics of its plan.
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By Robert McGarvey |
January 11, 2012
With the release to memos from the NCUA and U.S. Central, corporates are getting a better idea of how the corporates' corporate will wind down, and they're ready.
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By Robert McGarvey |
December 18, 2011
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).”
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By Robert McGarvey |
November 20, 2011
There may be only four or five corporate credit unions within 10 years. There isn’t that much business out there. "The small won’t survive,” predicted John Fiore, CEO of Motorola Employees Credit Union and a key figure in the recapitalizing of Members United as Alloya. “Within a couple years we...
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By Robert McGarvey |
November 13, 2011
The initial NCUA-sponsored bidders conference for corporate credit unions interested in possibly acquiring all or parts of the failed Western Bridge corporate credit union was a month ago and now questions are circulating among credit unions about probable next steps.
