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Ga. SW Bridge corporates merger app submitted to NCUA
DULUTH, Ga. (5/2/11)--Georgia Corporate and Southwest Bridge Corporate submitted their merger application to the National Credit Union Administration’s (NCUA) Office of Corporate Credit Unions on Thursday.
Speaking before several hundred delegates at the Texas Credit Union League’s 77th Annual Meeting last week, Southwest Bridge Corporate CEO Diane Addington said Catalyst Corporate FCU will be structured to cover costs with its existing fee structure. (Photo provided by Texas Credit Union League)
The application includes the corporates’ strategic business and capital plan, which describes the business model for Catalyst Corporate FCU--the organization that will be created by the merger--and capitalization documents that were finalized in March. The corporates anticipate that the NCUA Board will vote on the merger at its scheduled July 21 meeting. The planned merger date is Aug. 1. Southwest’s Member Advisory Council’s executive committee recently selected, and the Georgia Corporate board approved, participants for the Governance Advisory Council to assist in identifying members for Catalyst Corporate’s new board, according to Southwest Bridge Corporate President/CEO Dianne Addington. Governance Advisory Council participants are: Randy Smith, CEO of Randolph Brooks FCU, San Antonio; Tim Adams, CEO of SPCO CU, Houston; and Willie Jacobs, CEO of White Sands FCU, Las Cruces, N.M. The council will meet in May to review a list of potential candidates, to be drawn from credit unions in the nine core states served by the corporate. Speaking before at the Texas Credit Union League’s 77th Annual Meeting last week, Addington said Catalyst will be a full-service corporate credit union structured to cover its costs with its existing fee structure. “Catalyst will have a high-coverage ratio,” she said, indicating that it will not need to rely heavily on interest income or higher fees. At the same time, Catalyst will maintain a risk-averse balance sheet with an emphasis on transparency, she said.


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