Credit unions

SAN DIMAS, Calif.-Several sources have indicated that Western Bridge Corporate FCU, the former WesCorp, has been telling credit unions it will not reach the capital raising goal by Aug. 31 that is established to recharter itself as a free-standing corporate called United Resources Corporate FCU.

DULUTH, Ga.-Georgia Corporate FCU and Southwest Bridge Corporate FCU, which plan to merge and form Catalyst Corporate, reported they have transferred members' pledged Perpetual Contributed Capital into escrow, a sign the planned merger will "succeed," the corporates said.

VISTA, Calif. – Bluepoint Solutions has announced a plan it says provides an alternative for check capture and item processing to credit unions that would be affected by the liquidation of Western Bridge Corporate in the event the planned successor corporate, United Resources, does not come to fruition.

SCHAUMBERG, Ill. – While it appears that United Resources Corporate FCU will not reach its capital raising goal [Credit Union Journal online, Aug. 11], Alloya Corporate CU is confident it will hit its target.

PHOENIX – First Corporate Credit Union (FirstCorp) said it now has a leverage ratio of nearly 6%, well above the minimum regulatory requirement of 4%.

ARLINGTON, Va. – The National Cooperative Bank and The Members Group, a subsidiary of the Iowa league, yesterday formalized an agreement in which the NCB will provide for the delivery of correspondent services to Iowa credit unions.

SAN DIMAS, Calif. – Several sources have indicated that Western Bridge Corporate FCU, the former WesCorp, has been telling credit unions it will not reach the capital raising goal by Aug. 31 that is established to recharter itself as a free-standing corporate called United Resources Corporate FCU.

ALEXANDRIA, Va. – NCUA on Tuesday filed suit in California against New York firm Goldman Sachs & Co., alleging violations of federal and state securities laws, as well as misrepresentations in the sale of securities to now-failed U.S. Central and Western Corporate federal credit unions.

DULUTH, Ga. – Georgia Corporate FCU and Southwest Bridge Corporate FCU, which plan to merge and form Catalyst Corporate, reported they have transferred members’ pledged Perpetual Contributed Capital into escrow, a sign the planned merger will “succeed,” the corporates said.

ALEXANDRIA, Va.-NCUA last week said it failed to obtain the self-imposed minimum commitments of $500 million for its voluntary prepaid corporate assessments plan, and therefore had canceled the program.

ALEXANDRIA, Va. – NCUA announced this afternoon it failed to obtain the self-imposed minimum commitments of $500 million for its voluntary prepaid corporate assessments plan, thereby cancelling the program.

LOS ANGELES – A federal judge issued a final order yesterday dismissing negligence charges against directors of WesCorp FCU but ruled that top executives of the one-time $34 billion corporate credit union must still face charges in a civil suit brought by NCUA claiming that their recklessness caused the huge corporate to fail.

ST. LOUIS – Missouri Corporate CU announced this morning it is the latest corporate credit union to receive enough capital pledges to complete a recapitalization under NCUA’s new regulations.

BAKERSFIELD, Calif.-There's still time to capitalize United Resources FCU, but the clock is ticking and a number of sources are concerned the spin-off of the one-time $34-billion WesCorp will not reach its capital call.

LOS ANGELES – In a major defeat for NCUA, a federal judge Friday agreed to dismiss negligence charges brought by the federal regulator in a civil suit against 11 directors of the one-time $34 billion corporate, all of them prominent figures in the credit union movement.

LAKE JACKSON, Texas – Texas Dow Employees CU said it joined Ohio’s Corporate One FCU.

BIRMINGHAM, Ala. – Lawyers for Corporate America CU and former executives and directors of U.S. Central FCU hammered out a settlement yesterday of a suit challenging the December 2008 conversion of $450 million of U.S. Central membership capital shares into Tier One capital that was wiped out within weeks as the one-time $52 billion corporate slid into insolvency.

LOS ANGELES-NCUA filed another suit last week against Royal Bank of Scotland over mortgage-backed securities sold to WesCorp FCU, the one-time $34 billion corporate that failed in 2009.

SAN DIMAS, Calif. – NCUA reported that Western Bridge Corporate FCU had a $2.1 million loss for May, its seventh straight monthly loss since the federal regulator transitioned the corporate failure to a bridge under its corporate resolution plan.

ALEXANDRIA, Va. – NCUA said yesterday it plans to pay off billions of dollars of CDs issued by twocorporate credit union failures by year-end as the corporates transition to new entities.