SAN DIMAS, Calif.-Some highlights from the history of WesCorp.
1969
California Central Federal Credit Union is Chartered. It takes deposits only.
1973
First capitalization project launches with a campaign to persuade member credit unions to deposit at least 1% of their assets in California Central Federal.
1974
Three certificates of deposit-$50,000, $100,000, and $200,000 are offered, and CASH Flow Loan introduced.
1976
Richard M. Johnson named CEO. FOM expands to NCUA's region VI (nine western states). Changes name to Western Corporate FCU.
1977
"Words from WesCorp" monthly member newsletter launched.
1978
Guaranteed Line of Credit introduced, as are share certificates, share draft settlement, Visa card program, T-bill plus certificates and more.
1979
New "airline" system for phones (to keep CUs informed while on hold) debuts.
1980
Demand credit line, certificate-secured loans and Government Securities-secured loans introduced. WesCorp becomes CLF agent for members.
1981
Participation certificates (pooled investment with other credit unions, $20,000 to $100,000 per CU) introduced. WesCorp moves to California CU League offices in Pomona, Calif.
1982
New data processing system added, share drafts replace bank checks, check reconciliation system and toll-free Newline added. Corporate share draft launched, along with WesCheck Deposit.
1983
Account Services Representative program (a designated WesCorp rep provides a CU detailed info on its account) introduced. WesCorp joins with corporate network on National Credit Union Financial and Support System Internet.
1984
WesCorp moves into new building, launches ACH origination and Guaranteed Line of Credit Program.
1985
Credit Union Check Processing Coordinating Committee forms with 17 local credit unions.
1992
ALCO Committee created; second processing center in San Leandro, Calif., opens; American Express Corporate Card program added. WesCard Services Program transferred to California League Services Corp. Moves headquarters to San Dimas. Security Pacific merges with Bank of America; WesCorp picks up the item processing. Capital Certificates converted to Member Capital Accounts per new NCUA Reg 704.
1993
Credit Union Deposit Network, a cooperative effort between credit unions to accept over-the-counter deposits from each others' members introduced. Advisory Council formed.
1994
Daily auto fax service debuts. An amortizing certificate offered, as well as an Account Summary to save CUs a phone call. Converts to in-house data processing system. Upgrades to ChekBack. a PC-based program for sending back returns, to accommodate the new faster modems credit unions are using.
1995
WesCorp, like other corporates, becomes independent from state leagues as result of new NCUA rules on "interlocks." CU-to-CU internal transfers are added.
1996
Board approves sale of Paid-In Capital (first corporate and until 1998, only corporate with PIC); raises $130 million from 336 CUs.
1997
Converts one-year MCAs to three-year notice accounts; creates a new risk assessment function separate from the risk management function in investments; Callable and Step-Up Certificates introduced. Bob Burrell joins WesCorp.
1998
First WesCorp CUSO, WesCap, chartered to provide pooling and securitization of credit union-originated loans. Receives final approval for Parts II and Part IV expanded authority for investments. Y2K project implemented; Idaho corporate absorbed via merger; WAVE, a real-time browser-based solution, introduced. Permanent office in Hawaii opens. Check imaging added.
1999
WesCorp Investment Services launched. NCUA resident examiner assigned to WesCorp. First $1 billion Global medium-Term Note program debuts. Financial Solutions Group started to aid CUs in identifying and quantifying risk.
2000
Approved for national FOM. New high-speed image-enabled document processor increases processing speed by one-third.
2002
Richard Johnson retires as CEO; Bob Siravo named as successor.2009March 20, NCUA places WesCorp into conservatorship.
2012
Western Bridge Corporate's assets, operations are acquired by Catalyst Corporate FCU.July 6: WesCorp officially closes.
