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News Now

CU System
Catalyst Corporate focuses on long-term solution
PLANO, Texas (10/3/11)--Catalyst Corporate FCU, formed by the merger of Southwest Bridge Corporate FCU and Georgia Corporate FCU, has a “long-term system solution” with a value proposition that exceeds its capital contribution, according to its top executive. Catalyst opened its doors Sept. 6, with 880 member credit unions and $93 million capital---representing 74% of previous shareholders’ capital. Its board of directors has formed a committee to oversee the search for a permanent CEO. The committee expects to select an executive search firm this week, said Dianne Addington, who was brought in as the corporate’s interim CEO one year ago and will stay on board until a permanent CEO is hired. Addington, who has declined candidacy for the position, anticipates the search will take two to four months. The merger made Southwest Bridge Corporate the first corporate to come out of bridge status--well in advance of the two-year timeframe established by the NCUA last fall, when the corporate was placed under conservatorship (News Now Aug. 31). Since the merger, the Plano, Texas-based corporate has received subscription commitments from four credit unions and 25 additional requests for membership packets. The four credit unions joining Catalyst have assets ranging from $31 million to $2.8 billion and will move all services to Catalyst, said Addington. Catalyst anticipates rolling out two new products by the end of 2011--mobile capture and lockbox processing, Addington said. About 33% of Catalyst’s member credit unions have assets of less than $10 million; half have assets of $10 million to $100 million; and just over 15% have assets of more than $100 million, she said. The credit union has formed “Catalyst Councils” comprising credit union leaders from the eastern, central and western regions of the U.S. The councils will help guide the development of products and services for the corporate.


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