Robert Siravo Fined $600,000, Banned from Federally Insured Credit Union Employment

WesCorp’s former CEO has been slapped with a prohibition order and a $600,000 fine by the National Credit Union Administration. The move closes another chapter in the corporate failure saga that cost credit unions billions and called into question the regulator’s oversight during the collapse.

Catalyst Assumes Capital, Liabilities After Western Bridge’s Formal Liquidation

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.

NCUA Announces Catalyst to Acquire Western Bridge Operation

The NCUA has awarded Catalyst Corporate Federal Credit Union the bid to acquire WesCorp’s operations in a move heralded as a solution for Northwest natural-person credit unions. Catalyst recently announced “well-capitalized” 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 Wednesday’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 NWCUA’s Convention.

WesCorp Will Not Emerge From Conservatorship as United Resources; Regulator Urges Member Credit Unions to Stay Put Until a Merger is Worked Out

The NCUA has announced that three corporate bridge credit unions did not meet recapitalization goals. WesCorp, US Central and SE Corporate will not emerge as new entities. A number of Northwest credit unions have already been stung by WesCorp’s downfall.

WesCorp’s Top Guns to Face Trial in Suit Brought by Regulator

A federal court ruling dismisses negligence charges against directors of WesCorp but key executives still face trail in a civil suit claiming their actions caused the huge corporate to fail.

NCUA Stings NW CUs with Early Redemption of Corporate CDs

Northwest credit unions will lose millions of dollars in interest income as the result of the forced early redemption of term certificates deposited in WesCorp.