One year after taking the reins as president and chief executive officer of the then six-month-old Catalyst Corporate Federal Credit Union, Kathy Garner says member credit unions now can see evidence of a solid, sustainable business model that drives the corporate’s operations.
Northwest credit unions lost millions in interest income last year when the NCUA forced early redemption of CDs held by WesCorp. Its successor, Western Bridge, was formally liquidated last month, and Catalyst now holds a handful of unredeemed CDs.
Strategic Link business partner Catalyst Corporate has completed its consolidation with Western Bridge Corporate, transferring core systems, billing, wire services and internet connectivity in taking the final steps in the conversion process.
In recent weeks, Catalyst Corporate has helped nearly 400 credit unions convert their check processing and an additional 212 credit unions transition their remote deposit services, effectively doubling the corporate’s daily check processing volume.
Catalyst Corporate Credit Union, set to acquire certain Western Bridge assets on July 1, has reached more than 1,190 capitalizing member credit unions.
More than 1,000 credit unions have already capitalized Catalyst Corporate Federal Credit Union. New President and CEO Kathy Garner said the Strategic Link Annual Sponsor’s plan calls for low-cost, non-disruptive transitions.
Catalyst Corporate explains how the NCUA’s intention to wind down the remaining components of U.S. Central Bridge Corporate—especially payment services such as ACH, automated settlement and international wires—will affect credit unions.
Catalyst Corporate Federal Credit Union will conduct a series of town hall meetings in January and February to help credit unions transition from Western Bridge Corporate.
The NCUA has chosen Catalyst Corporate FCU to assume the assets of Western Bridge Corporate FCU. Formed by the merger of Georgia Corporate FCU and Southwest Bridge Corporate FCU, Catalyst achieved well-capitalized status earlier this month.
The NCUA has awarded Catalyst Corporate Federal Credit Union the bid to acquire WesCorpâ€™s operations in a move heralded as a solution for Northwest natural-person credit unions. Catalyst recently announced â€œwell-capitalizedâ€ status.
CEOs from Catalyst, SunCorp and FirstCorp Expected to Court Northwest Credit Unions Looking for Alternatives to WesCorp
Many Northwest credit unions may need alternative services after Western Bridge failed to meet Wednesdayâ€™s deadline to re-capitalize as United Resources Corporate Credit Union. Established corporate credit unions and other service providers will pitch their services at the NWCUAâ€™s Convention.
Southwest Bridge Corporate Federal Credit Union will host four Town Hall meetings in the Northwest this month to provide member credit unions another opportunity to obtain information about the proposed consolidation of Southwest Bridge Corporate and Georgia Corporate.
Corporate Corner is a series of articles that will examine various aspects of the corporate credit union crisis and the NCUAâ€™s plans to resolve the issue and stabilize the industry.