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News Now

Washington
NEW NCUA announces Western Bridge bidders teleconference
ALEXANDRIA, Va. (UPDATE 9/22/11, 3:07 p.m. ET)—Following a similar announcement involving U.S. Central Bridge Corporate FCU by a few hours, the National Credit Union Administration (NCUA) has announced it will host a teleconference at 1:00 P.M. (ET) on Wednesday, Oct. 5, for corporate credit unions that are interested in acquiring Western Bridge Corporate FCU’s (Western Bridge) operations. A letter from NCUA Office of Corporate Credit Unions (OCCU) Director Scott Hunt said the agency’s primary goal as it goes forward with contingency plans to Western Bridge is to find a solution that minimizes disruption to Western Bridge’s members. “Our preference is to seek an acquirer that can absorb the operations in whole while also minimizing costs to the stabilization fund,” Hunt wrote. NCUA previously announced subscriptions raised to capitalize the proposed United Resources Federal Credit Union fell short of member-driven goal. To participate in the bidder’s teleconference, interested parties must agree to a confidentiality agreement with the NCUA no later than 12 p.m. Oct. 4. To request an introductory information packet, including the required agreement, contact OCCU at OCCUmail@ncua.gov. Calling instructions for the teleconference will be provided to the list of attendees prior to the date of the meeting. Earlier today NCUA announced that parties wishing to acquire U.S. Central Bridge Corporate FCU operations will have an opportunity to learn about the corporate's operations, and the overall process for submitting a proposal to acquire those operations, in a meeting with the NCUA at 1:00 p.m. (CT) on Oct. 3. The NCUA has tentatively set that meeting to take place in the Kansas City, Mo., area.


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