Corporate Survivors Sift Through The Wreckage Of Constitution Corporate
WALLINGFORD, Conn. – NCUA announced this afternoon it has transferred SmartSource Solutions LLC to Alabama’s Corporate America CU, part of the liquidation of Constitution Corporate FCU.
Earlier today NCUA said it transferred the remaining shares and assets of the one-time $1.8 billion corporate to Members United Bridge Corporate, as part of the liquidation.
Corporate America won the bidding among both credit unions and non-credit union entities.
for SmartSource, the web services CUSO.
Constitution Corporate is the fifth failed corporate to be liquidated by NCUA, following U.S. Central FCU, WesCorp FCU, Members United Corporate FCU and Southwest Corporate FCU. As part of the liquidation process NCUA has created so-called bridge corporates for the other four failures to operate the good assets on a temporary basis.
Constitution was taken under conservatorship by NCUA on Sept. 24 after having lost $84 million in 2008 and $100 million in 2009, erasing all of its member capital.