Texas-based corporate posts $14 million in profits, coverage ratio of 88%.
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.
Pete Pritts said he was so disconnected from the corporate credit union world after leaving First Corporate CU in 2011, he wasn’t even aware Corporate America Credit Union had an opening.
Former president of First Corporate Credit Union takes over at Corporate America.
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.
In an attempt to achieve economies of scale, the $2.2 billion Catalyst Corporate FCU and the $1.1 billion First Corporate CU announced on May 9 that the two have signed a nonbinding letter of intent to consolidate through a purchase and assumption transaction later this year.
Texas-based corporate plans to take over and consolidate Phoenix corporate on July 1.
St. Louis operation joins exodus from U.S. Central Bridge.