Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Corporates biz plan for United Resources FCU approved
BAKERSFIELD, Calif. (5/9/11)--The business plan for the United Resources FCU, a new corporate credit union that will survive the Western Bridge Corporate FCU, was approved by the National Credit Union Administration's (NCUA) Office of Corporate Credit Unions, the corporate announced Friday. Western Bridge Corporate submitted the business plan to NCUA on March 28. The notice received from the agency allows for the release of the plan, in final version, to members of Western Bridge and clears the way for distribution of the capital offering materials, expected shortly, said a press release from the corporate. The 80-page business plan projects the launch of a corporate credit union with total assets between $4 billion and $5 billion and a capital ratio goal of 5%. United Resources FCU will offer a complete portfolio of products comprised of payment services, liquidity products including term loans, and short-term investments in compliance with NCUA’s new corporate credit union regulations. “We are very pleased to have received confirmation from NCUA that the business plan is approved and we are clear to move forward with the chartering process,” said Matt Davidson, chairman of the Board, United Resources FCU. The next step in the charter process is to distribute the Private Placement Memorandum to current members of Western Bridge Corporate FCU. Credit unions will have until Aug. 31 to decide whether to invest in the new corporate credit union.


RSS





print
News Now LiveWire
Cheney, La Pine, Middleman join @NCUFoundation board #NewsNow http://t.co/4C14PZpFf5
26 minutes ago
Happy holidays! Here's your gift-report of another data breach: Staples between April and Sept, 1.16M cards at risk http://t.co/jDhJCkf3LC
1 hours ago
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
16 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
17 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
19 hours ago