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Southwest Bridge Corp. votes to merge with Ga. Corp.
PLANO, Texas (2/1/11)--Members of Southwest Bridge Corporate followed the recommendation of its Member Advisory Council and voted last week to merge with Georgia Corporate FCU. Southwest Bridge announced 540 votes, or 39.1% of membership, were cast. Of those, 493, or 91.3% of members, voted in favor of the merger. Another 28 or 5.2% voted not to approve, and 19, or 3.5%, cast "undecided" votes. The results include both mail ballots and electronic ballots cast during a special member meeting held Jan. 20. More than 230 member credit unions attended the meeting via webinar. The vote as recommended by the Member Advisory Council was "not a commitment to recapitalization or continued use of Southwest Bridge Corporate's services," said an update from Southwest Bridge Corporate on its website. "The vote was an indication of support for the proposed business model." The Jan. 20 meeting presented the consolidation model and provided information about alternative models considered as well as the pros and cons of each model. The Business and Capital Plan for the merger is being reviewed by the National Credit Union Administration's Office of Corporate Credit Unions. The consolidated corporates' business plan requires perpetual contributed capital (PCC) to support the plan. Town Halls have been scheduled during March in 22 cities in eight states--Texas, Louisiana, Arkansas, New Mexico, Oregon, Washington, Oklahoma and Florida--to provide credit unions another venue to obtain information about the consolidation proposal, including the investment in PCC. The schedule is available at the link.
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