Western Bridge Corporate Federal Credit Union's Rise and Fall

Western Bridge Corporate Federal Credit Union's story is a fascinating one, marked by both great success and devastating failure. Founded in 1994, the credit union quickly gained popularity among its members, who appreciated its competitive rates and personalized service.

The credit union's growth was fueled by its innovative approach to financial services, which included offering high-yield savings accounts and low-interest loans. By 2007, Western Bridge Corporate Federal Credit Union had grown to over $1.5 billion in assets.

However, the credit union's success was short-lived. A combination of factors, including the housing market collapse and a series of poor investment decisions, led to a significant decline in the credit union's assets and membership.

Western Bridge Corporate Federal Credit Union has a rich history dating back to 1961. It was founded by a group of educators in California who wanted to create a financial cooperative that would serve the needs of their community.

The credit union initially operated as a small, local institution, serving the financial needs of its members through a network of branches and ATMs. The credit union's early success was largely due to its commitment to providing excellent customer service and competitive financial products.

By the 1980s, Western Bridge Corporate Federal Credit Union had grown significantly, with a large membership base and a robust product offerings. It had also expanded its services to include online banking and other digital tools.

Today, the credit union remains committed to its core values of service, innovation, and community involvement. It continues to serve the financial needs of its members through a range of products and services.

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Western Bridge Corporate Federal Credit Union's story is a complex one, involving several mergers and acquisitions. In 2011, the credit union sought to capitalize a new corporate credit union called United Resources Federal Credit Union, but this effort failed to gain enough funds.

The NCUA Board awarded Catalyst Corporate FCU the exclusive right to acquire Western Bridge Corporate FCU, which ultimately led to the disestablishment of Western Bridge in 2011.

Catalyst Corporate FCU was created through the merger of Southwest Bridge FCU and Georgia Corporate FCU in 2011, and it now has nearly 900 consumer credit union members who contributed $96 million to capitalize the new credit union.

This merger allowed Catalyst to provide item processing, remote deposit, and electronic payment services, as well as correspondent, lending, and investment products, and access to balance sheet management services.

The NCUA also approved the merger of Treasure State Corporate CU and Kansas Corporate CU, with Kansas Corporate CU becoming the continuing institution in the merger action.

Here's a brief overview of the corporate credit unions involved in the mergers:

These mergers and acquisitions had a significant impact on the financial landscape of the credit union industry, and it's essential to understand the details behind them to appreciate their full significance.

Western Bridge Corporate Federal Credit Union closed its doors in 2012 after being liquidated by the National Credit Union Administration (NCUA). The NCUA announced the liquidation on July 7, 2012.

The credit union's 326 members were migrated to Catalyst Corporate Federal Credit Union, which completed the transfer last week. Catalyst is based in Plano, Texas.

The NCUA Board Chairman Debbie Matz stated that the closing of Western Bridge's doors is an important milestone for the entire credit union system. She highlighted the smooth transfer of members and services to Catalyst, which minimized costs for all credit unions.

Western Bridge's closure was a result of the Corporate Resolution Plan, which aimed to build a more structurally sound corporate credit union system. This plan led to the adoption of rules in 2010 that required corporate credit unions to maintain higher capital levels and comply with stricter investment standards.

The NCUA conserved the former Western Corporate Federal Credit Union in 2009 and created Western Bridge to ensure continuity of service and operations.

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