PLANO, Texas – Catalyst Corporate FCU, which acquired the remnants of WesCorp, said it picked up about 285 new members from the demise of the California corporate.
Catalyst said it had approximately 890 member credit unions last September and has since topped 1,200, after it acquired the member accounts in a fire sale from NCUA.
In comparison, Corporate One FCU said it may have only gained 30 new members after the liquidation of WesCorp. Alloya Corporate said it picked up 23 WesCorp members.
The WesCorp pick-ups have pledged more than $46.5 million in capital to Catalyst Corporate, bringing its total perpetual contributed capital to more than $144 million.
The WesCorp pick-ups ensure that Catalyst will be one of the four surviving mid-size corporates, around $4 billion, along with Mid-Atlantic Corporate, Corporate One and Alloya Corporate. Alloya announced plans to acquire Michigan’s CenCorp CU yesterday.
Catalyst is laying the groundwork for serving its coast-to-coast membership and plans to maintain branches in Georgia and Hawaii, and is working to secure space in Southern California.
