Credit unions

Catalyst Corporate FCU last week said it plans to acquire Arizona's troubled FirstCorp CU in a so-called purchase and assumption deal.

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PLANO, Texas – Catalyst Corporate FCU announced this morning plans to acquire Arizona’s troubled FirstCorp CU in a so-called purchase and assumption deal.

BAKERSFIELD, Calif. – Kern Schools FCU on Monday said it joined Alloya Corporate FCU and will be transitioning its item processing and check collection services to Alloya from Western Bridge.

LOS ANGELES – NCUA told a federal judge it has the authority to deny insurance coverage for top executives of WesCorp FCU who are defending themselves against a negligence suit brought by the agency because of the federal government’s role as conservator of the failed institution.

Alloya Corporate Federal Credit Union, of the former Members United Corporate FCU, said it had signed a letter of intent to combine with Central Corporate CU of Michigan to create the nation's largest corporate with almost $5 billion in assets.

LOS ANGELES – A third WesCorp FCU executive being sued by NCUA in connection with the huge corporate credit union failure has agreed to settle the NCUA case, the two sides reported this afternoon.

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.

WARRENVILLE, Ill. – Alloya Corporate FCU, the survivor of what was once Members United Corporate FCU, said this afternoon it has signed a letter of intent to combine with Central Corporate CU of Michigan to create the nation’s largest corporate with almost $5 billion in assets.

WICHITA, Kan.—Wells Fargo, the successor to Wachovia Capital Markets, told a federal court here Friday it should dismiss NCUA's suit over mortgage-backed securities Wachovia sold to WesCorp FCU and U.S. Central FCU because the risks of the securities were clearly spelled out in offering prospectuses.

LOS ANGELES – The former chief executive of WesCorp FCU is said to be ready to settle civil negligence claims with NCUA over the failure of the one-time $34-billion corporate credit union, following two other senior WesCorp executives who have agreed to terms.

LOS ANGELES – NCUA on Thursday told a federal court here Goldman Sachs & Co. violated an agreement between the two parties that suspended the running of the statute of limitations on securities claims related to the failures of U.S. Central FCU and WesCorp FCU while the two sides negotiated a settlement.

PLANO, Texas – Catalyst Corporate on Monday said it has expanded its deal with Bluepoint Solutions and now will offer the company’s teller capture and mobile deposit applications to its 1,000 credit union members.

LOS ANGELES – A federal judge Friday dismissed claims by senior WesCorp FCU officials that NCUA may have contributed to the failure of the one-time $34-billion corporate by approving the risky investments that sunk the corporate giant.

LOS ANGELES – A federal judge indicated yesterday he plans to reject Goldman Sachs & Co.’s motion to dismiss NCUA’s suit and continue the case challenging the Wall Street bank over $1.1 billion of faulty residential mortgage-backed securities it sold to U.S. Central FCU and WesCorp FCU, the two biggest credit union failures ever.

LOS ANGELES – A federal judge yesterday rejected requests from five WesCorp FCU executives being sued by NCUA for reimbursement of their legal fees during the case and told them to “get in line” with other WesCorp creditors after their case is completed.

LOS ANGELES – NCUA agreed yesterday to settle civil negligence charges against a second WesCorp FCU executive for the 2009 failure of the one-time $32 billion corporate credit union, Robert Burrell, who was WesCorp’s chief investment officer.