Many U.S. Central services will have new requirements starting Jan. 12, while wires will be discontinued as of March 30 and automated settlement transactions will be discontinued as of May 31.
The NCUA today announced its plans for winding down US Central by yearend.
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).”
NCUA awards Texas-based corporate "exclusive right to acquire" remains of WesCorp.
What a difference 10 months makes. That’s a prevailing thought in corporate credit union circles as executives digest the reports, unconfirmed by the NCUA, that two of the leading bidders for the failed Western Bridge corporate are Alloya (formerly Members United) and Catalyst (formerly Southwest Bridge plus Georgia Corporate). This...
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.
Sources name Alloya, SunCorp, CenCorp and Catalyst.
Which way to the exits?
Agency says goal is to minimize disruption to members, costs to stabilization fund.
The NCUA said Friday it will hold a meeting of potential bidders for U.S. Central Bridge Corporate on Oct. 3, probably in the Kansas City, Mo., area.