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News Now

CU System
Georgia Corporates town meetings begin
DULUTH, Ga. (3/9/11)--Georgia Corporate FCU kicked off Monday the first of its 11 town hall meetings to discuss its corporate structure plans and proposed consolidation with Southwest Bridge Corporate FCU. Georgia Corporate is based in Duluth, Ga., while Southwest Bridge Corporate is based in Plano, Texas. Both corporates are conducting town hall meetings this month. Georgia's 11 webinars in the state will proceed through March 17. Southwest Bridge will hold 26 meetings in eight states--Texas, Arkansas, Florida, Louisiana, New Mexico, Oklahoma, Oregon and Washington--plus two online town halls on March 31 and April 1. The two corporates plan to combine into Catalyst Corporate FCU, pending Georgia's purchase and acquisition of Southwest Bridge. A purchase and acquisition proposal will be submitted to the National Credit Union Administration (NCUA) at about mid-year. The new entity's business plan calls for lower capital requirements than previously required by either corporate. Because of new NCUA regulations, it will maintain a smaller balance sheet to minimize risk. The new corporate would need approval from NCUA and capitalization from members (News Now Feb. 4). For more information about Georgia's meetings, use the Georgia link. For more information about Southwest Bridge's meetings use the second link.
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