Consolidation with Western Bridge Corporate complete.
Still suffering from the bite of losing all their Western Corporate FCU capital in 2009, credit unions report they are still capital shy when it comes to replacing corporate services.
WesCorp members seek new home for services, shy from staking new capital. Get the story in next week's print edition today in this print preview.
More than 300 credit unions deposit capital with $2.2 billion Texas corporate as transition also begins from U.S. Central ACH service.
In an attempt to achieve economies of scale, the $2.2 billion Catalyst Corporate FCU and the $1.1 billion First Corporate CU announced on May 9 that the two have signed a nonbinding letter of intent to consolidate through a purchase and assumption transaction later this year.
Texas-based corporate plans to take over and consolidate Phoenix corporate on July 1.
The 285 credit unions also will get two new seats on the corporate's board.
First there were 25 candidates for the CEO job at Plano, Texas-based Catalyst Corporate. That got whittled down to around eight people who were asked to assemble a strategic plan. Three or four then did in-person interviews with a committee of the board. And finally the winner was announced in...
Crescent Credit Union, Brockton, Mass., announced that after eight years as chairman of the credit union's board of directors, Herbert S. Nagle is passing the gavel to newly elected Chairman William Rosa.