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.
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.
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.
Greg Harden, FirstCorp executive vice president/chief investment officer, has been named interim president/CEO.
The dizzying pace of corporate events and NCUA rulemaking last week left many CU managers wondering where to turn for help.
League invites corporates, other providers to Sept. 20-21 meeting.
Next step may be to bring in vendors.
Phoenix-based corporate says "sand states" CUs helped push it past the NCUA-mandated 4% minimum capital mark.
Southern Arizona's largest credit union, the $1.1 billion Vantage West of Tucson, this month completed the merger of a long-troubled Phoenix CU, and the Vantage management remains at the ready for new Southwest consolidations should they come along.