Southwest/Georgia Corporate Merger To Serve As Catalyst For Corporate Revival
PLANO, Texas – The combined entity of Southwest Corporate (Bridge) FCU and Georgia Corporate FCU will have a new name: Catalyst Corporate FCU.
“Choosing a name that represents the forging of a new corporate entity is an important step forward,” said Greg Moore, CEO of Georgia Corporate.
The new corporate will have about $2.6 billion in assets and serve about 1,400 members and have a national field of membership.
The merger is one of three pending corporate combinations, including Mid-Atlantic Corporate FCU with Virginia Corporate CU, and Alabama’s Corporate America CU with Louisiana Corporate CU.
Southwest is one of five failed corporates that have been liquidated by NCUA, including U.S. Central FCU, WesCorp FCU, Members United Corporate FCU and Constitution Corporate FCU. The assets being merged with Georgia Corporate are mostly ongoing operations, including several operating CUSOs, and member relationships.
The two entities hope to raise $100 million in capital to add to Georgia Corporate’s $30 million in capital, to enable it to qualify under NCUA’s new minimum capital rules for corporates.