New CEO of new corporate credit union cites challenges, commitments, progress.
The $3 billion Catalyst Corporate FCU announced Oct. 29 the completion of its purchase and assumption of the Phoenix-based First Corporate Credit Union, a so-called pass-through corporate that struggled to gain enough scale to replace services provided by U.S. Central FCU.
Forty two of the 48 former FirstCorp members elected to stick with Catalyst, a number the Plano, Texas-based corporate said exceeded the expectations.
Nearly all FirstCorp members voted to approve the deal Aug. 17 in the Phoenix corporate’s headquarters, the organization said.
Greg Harden, FirstCorp executive vice president/chief investment officer, has been named interim president/CEO.
Phoenix-based corporate says "sand states" CUs helped push it past the NCUA-mandated 4% minimum capital mark.