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Catalyst Annual Meeting Reviews Corporate's First Year
PLANO, Texas (4/16/13)--Catalyst Corporate FCU in Plano, Texas, outlined its new business plan in 2011 and quickly attained its preliminary goals, President/CEO Kathy Garner told attendees at the corporate's second annual meeting April 9 in San Diego.

Garner cited examples in her review of the corporate's 2012 activities and financial performance:

  • Two consolidations. In July and October, Catalyst Corporate welcomed members of the former Western Bridge Corporate and FirstCorp.
  • Membership growth. During 2012, Catalyst Corporate increased its membership to nearly 1,300 capitalizing credit unions, up from roughly 900 members at inception. Catalyst Corporate has members in 21 states.
  • Financial achievement. Last year, Catalyst Corporate exceeded its projections for financial performance and efficiency, with net income of $13.9 million and under-budget operating expenses. The corporate's coverage ratio was in line with its 88% target--meaning 88% of expenses were covered by fee income. That degree of efficiency has the effect of reducing reliance on the balance sheet, Garner said.
  • Stability. By year-end 2012, Catalyst Corporate recorded about $160 million in perpetual contributed capital and a leverage ratio of 7.75%, exceeding the National Credit Union Administration's requirement of 5% to be considered "well-capitalized." The corporate also is ahead of plan on achieving its 2013 retained-earnings ratio target of 86 basis points, compared with the 45 basis points NCUA requires by October 2013.
Deepening member relationships and establishing more meaningful member feedback had been a goal since Garner became CEO in March 2012, she noted. To accomplish that goal, Garner and her management team attended credit union events and met with the Catalyst Councils--three regional groups founded to channel member feedback into Catalyst Corporate's planning efforts--and by conducting member surveys, she said.

Catalyst Corporate also committed to transparency in 2012, Garner said. The organization published financial results throughout the year and a "score card" that charted its progress toward achieving its business plan goals. In late 2012, the corporate fine-tuned the information available in the Due Diligence section of its website and rolled it into one comprehensive Due Diligence Report, which is now updated and published quarterly.

Catalyst members elected to three-year terms on its board of directors were:

  • Bill Before, STCU, Liberty Lake, Wash.;
  • Syed Dinar, Texas Bay Area CU, Houston;
  • Lin Hodges, Associated CU, Norcross, Ga.; and
  • John Papagno, Alive CU, Jacksonville, Fla.
Trevor Tokishi, Valley Isle Community FCU, Kahului, Hawaii, was elected to a one-year board term.


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