Former WesCorp Members Capitalize on Catalyst
Catalyst Corporate FCU President/CEO Kathy Garner estimates her Plano, Texas-based institution counts about 500 members from the West, most of who were once Western Corporate FCU members.
More than 300 of those members have deposited capital in the $2.2 billion corporate, exceeding Catalyst’s goal of attracting 284 new capitalized former WesCorp members.
The remaining 200, she said, were using only one or two services at WesCorp, and have until September to either move those services elsewhere, or contribute capital at their new corporate.
The transition has “gone very well”, Garner said, save for a few “hiccups” that involved individual credit unions. All check processing services, including share draft processing and remote deposit capture, have already migrated over to Catalyst’s core processor.
On Monday the corporate began moving over ACH services from U.S. Central’s APEX-ACH service to its own in-house solution. ACH conversion will be done in three installments, and will be finished by the end of June, just in time for the official WesCorp purchase date of July 2.
Garner is in California for a Monday meeting with members of the newly formed Western Council, made up of 12 members from the West with backgrounds that include various asset sizes and operational experience.
Members range from Senior Vice President/CFO Scott Waite of the $3.6 billion Patelco Credit union to Valerie Jensen, president/CEO of the $9 million E.W. No. 401 CU of Reno, Nev. The group is one of three (Eastern, Central and Western) councils that will keep Catalyst in touch with its newly expanded field of membership that also includes the recently merged Georgia Central CU and soon-to-be acquired First Corporate CU.
“We will talk about products, how we can best communicate with them, and we’ll gather a variety of inputs,” Garner said, “and, we’ll use them as a focus group and for dialogue about the future.”
WesCorp’s San Dimas, Calif. headquarters were not included in the NCUA-Catalyst deal, Garner said. However, Catalyst will retain between eight and 10 WesCorp employees who will work out of subleased space at the California Credit Union League’s office in Ontario, Calif. beginning in June. Those positions include some business development representatives, call center representatives, and a few others, she said.