PLANO, Texas (2/13/12)--Catalyst Corporate announced it will host a town hall webinar Feb. 22, following a town hall meeting tour spanning six weeks and as many states.
The webinar and town hall meetings are a follow-up to the National Credit Union Administration (NCUA) December announcement that Catalyst Corporate in Plano, Texas, was selected to acquire the operations of Western Bridge Corporate FCU in San Dimas, Calif. NCUA's decision led to a plan that provides for a non-disruptive, low-cost transition of Western Bridge member credit unions, said Catalyst Corporate.
Although 556 people from nearly 300 credit unions attended the in-person meetings, Catalyst Corporate executives say that it's important to reach all of Western Bridge Corporate's members to explain Catalyst's future and member value proposition.
"The receptivity at each town hall has been outstanding," said Catalyst Corporate CEO Dianne Addington, following the completion of the corporate's 16th such meeting. "Credit unions have been very engaged and appreciative of the efforts Catalyst is making to ensure they are well informed."
Their reaction underscores how important it is that the Catalyst Corporate message makes its way to all potential members, explained Addington.
"As a career credit union CEO, I am thoroughly convinced that Catalyst is an excellent choice for any credit union, anywhere, of any size," she added. "And this consolidation is the best opportunity Western Bridge Corporate members have for a smooth transition. I believe it's critical that all Western Bridge Corporate members take part in a town hall meeting to ensure they make the right decision for the future of their credit unions."
Not only does Catalyst Corporate encourage executives and volunteers who did not attend an in-person meeting to tune-in for the webinar, it is recommending repeat participation.
"As the planning process unfolds, we learn more details, and we're able to expand on what we've communicated all along," Addington said. "And in many cases, a credit union may have been able to send only one or two representatives to a town hall meeting, but would benefit from having additional staff and volunteers learn what they need to know about the transition as well."
The purpose of the Town Hall meetings is to provide Western Bridge member credit unions with information about the Catalyst Corporate business model, investment requirements, and products and services, and to offer details of the upcoming transition, and provide an opportunity to ask questions.
Addington said that Catalyst Corporate is already exceeding many of the financial measures included in the business plan, such as the coverage ratio, the key measure of efficiency: "Our coverage ratio expectation was high--estimating a ratio of about 82%, compared with an industry average of about 55%; we were delighted when we realized that for the September-December period, Catalyst had achieved 94.1%."
Addington explained that Catalyst's model is designed to be less dependent on member contributed capital over time as a result of strong growth in retained earnings. "Attendees are pleased to learn that Catalyst's membership capital requirement is a one-time occurrence with no future adjustments," she said.
The town hall webinar is scheduled to occur Feb. 22, at 1 p.m. Pacific Time. Interested credit unions can register by visiting the special Western Bridge Member region of the Catalyst Corporate website. Use the link.