ALEXANDRIA, Va. (7/10/12)--Catalyst Corporate FCU of Plano, Texas, completed the migration of Western Bridge Corporate FCU's 326 capitalizing members and services last week, and the National Credit Union Administration (NCUA) announced the subsequent liquidation of Western Bridge late Friday.
The Western Bridge story has been unfolding since 2009, when the NCUA conserved Western Corporate and created Western Bridge. In 2011, the members of Western Bridge initially sought but failed to capitalize a new corporate credit union, United Resources Corporate FCU.
As conservator of Western Bridge, NCUA sought an acquisition partner with a goal to minimize service disruption to the consumer credit union members of Western Bridge and to ensure the "best financial outcome" for the Temporary Corporate Credit Union Stabilization Fund.
After a competitive bidding process in December, the regulator awarded Catalyst the exclusive right to acquire Western Bridge.
"The closing of Western Bridge's doors is an important milestone for the entire credit union system," said NCUA Chairman Debbie Matz, in announcing the agency's move. "Consistent with NCUA's Corporate Resolution Plan, we have smoothly transferred the former corporate's members and services to Catalyst while minimizing costs for all credit unions."
With the transfer of Western Bridge's members, Catalyst Corporate now has 1,232 members and $147 million in capital. Western Bridge is the first federally insured corporate credit union liquidated in 2012.