The NCUA on Friday circulated a document signed by Scott Hunt,who heads the agency's corporates office, that outlines the nextsteps for Western Bridge along with a timeline.

The lead bullet point is that in the week of Oct. 3 NCUA willhold a meeting for potential bidders for Western Bridge.

One key: NCUA declares its preference for an acquirer “that canabsorb the operations in whole.”

NCUA also stressed its commitment to a solution that “minimizesdisruption” to current Western Bridge members.

NCUA also announced it planned to redeem all fixed ratecertificates of deposit held in association with Western Bridge asof Oct. 3.

In announcing this, NCUA noted that “the largest cost associatedwith operating Western Bridge” are the dividends payable on theseshare certificates. NCUA estimated the annualized cost savings dueto this step at $31.6 million.

Lastly: the NCUA noted that any capital subscriptions that hadbeen pledged to UnitedResources – the failed corporate that some had hoped wouldrise from Western Bridge – were returned to credit unions on Sept.15, well in advance of the Oct. 20 date that had been promised.NCUA said that this step “best served” members.

The letter concluded with a promise by Hunt to “keep youapprised” of “progress in seeking an acquirer to maintain servicefor your credit union.”