The campaign to charter United Resources – arising from the remains from Western Bridge – is over. A letter now in transit to would-be members bluntly says, "Based upon actual subscriptions received, as well as an allowance for those in transit, we estimate the total capital raised will be around $90,000,000, from just over 300 credit unions."
"This is short of the goal of $200 million needed to launch United Resources. United Resources will not be chartered and will not assume the operations of Western Bridge."
The letter is signed by Phil Perkins – the current CEO of Western Bridge who had been in line to head United Resources – and Matt Davidson, CFO of Kern Schools FCU acting in his capacity of chairman of the board of United Resources.
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