SAN DIMAS, Calif. – NCUA on Tuesday said it completed the early redemption of CDs held by members of WesCorp (Bridge) Corporate FCU last week.
The early redemption of $1.9 billion in CDs is projected by NCUA to save WesCorp Bridge $32 million as part of the resolution of the one-time $34-billion corporate, the agency said.
NCUA said it did not proceed with the early redemption of CDs at U.S. Central (Bridge) FCU, as earlier planned, but may still reconsider it.
NCUA is in the process of winding down the two failed corporates and is soliciting bids separately for the remaining assets of each. The federal regulator held a teleconference last week for corporate credit unions interested in acquiring the WesCorp assets, and a separate meeting for potential bidders for U.S. Central’s remaining assets. NCUA said it is in the process of soliciting bids but will not comment or speculate what will be offered or asked by the prospective bidders.
