Credit unions

COLUMBUS, Ohio – Corporate One FCU announced a partnership with Bluepoint Solutions designed to assist natural person credit unions currently using IMAGEin through their current corporate credit union to establish a relationship with Corporate One FCU for check processing and clearing services.

BISMARCK, N.D.-Midwest Corporate FCU has become the first corporate credit union to voluntarily liquidate in the face of daunting new capital and other regulatory requirements by NCUA.

LENEXA, Kan. – NCUA is expected to sell the major non-financial assets of U.S. Central FCU – consisting of the payments systems services and the CU Investment Solutions Inc. broker-dealer – to two separate groups of corporate credit unions in a no-bid process, as part of the dissolution of the one-time $52 billion corporate credit union.

BISMARCK, N.D. – Midwest Corporate FCU has become the first corporate credit union to voluntarily liquidate in the face of daunting new capital and other regulatory requirements by NCUA.

WALL STREET – NCUA hit the Street today with its 13th and final offering of NCUA Guaranteed Notes, used to finance the corporate credit union bailout.

IRONDALE, Ala. – Corporate America CU announced this afternoon the introduction of its own mutual fund for credit unions, the Corporate America CU Short Duration Fund.

ALEXANDRIA, Va. – NCUA reported yesterday last fall’s three corporate credit union failures – of Southwest Corporate FCU, Members United Corporate FCU and Constitution Corporate FCU – are expected to bring losses of $1.5 billion after the final toll.

TALLAHASSEE, Fla. – Southeast Corporate FCU announced this morning its recapitalization plan has been cleared by NCUA and it plans to begin soliciting members for $80 million in perpetual contributed capital on Wednesday.

ALEXANDRIA, Va.-The NCUA Board last week proposed a plan that would allow credit unions to prepay their annual assessments for the corporate credit union bailout, which they project will amount to $2.94 billion, or 38 basis points, for this year and next.

NASHVILLE, Tenn. – Volunteer Corporate CU has agreed to combine with troubled West Virginia Corporate FCU, the latest of a growing list of corporate marriages.

ALEXANDRIA, Va. – An over-concentration of subprime mortgage-backed securities caused the failure of Members United Corporate FCU, the one-time $14 billion corporate that is restructuring itself, NCUA said in a new report issued last night.

DULUTH, Ga. – Officials with Georgia Corporate FCU and Southwest Corporate FCU are soliciting their members for as much as $130 million in new capital to finance the combination of the two into a new corporate, Catalyst Corporate FCU.

WESTMINISTER, Colo. – NCUA has given preliminary approval to a group of 14 corporate credit unions to acquire the payments operations and assets of defunct U.S. Central FCU to create a new national payments company for credit unions.

COLUMBUS, Ohio – Corporate One FCU announced this afternoon it has raised $80.5 million in new capital, making the $4.5 billion institution one of the first corporates to reach NCUA’s new minimum capital standards.

SAN DIMAS, Calif. – WesCorp FCU, the newly chartered United Resources FCU, plans to begin solicitation soon for as much as $250 million in new capital, the corporate said this afternoon.

WARRENVILLE, Ill.-As the member CUs of Members United Bridge Corporate Credit Union move forward with an attempt to capitalize and charter a new corporate to replace the failed one, the group has been given the go-ahead for its chosen name: Alloya.

GREENSBORO, N.C. – First Carolina Corporate CU said this morning it raised $60 million in new Perpetual Contributed Capital, the latest corporate to complete a successful recapitalization.

SAN DIMAS, Calif. – WesCorp FCU will shed its storied past, including the failure of the one-time $34 billion corporate credit union, with a new name going forward, United Resources FCU.

WALL STREET – NCUA is expected this week to launch a new offering of bonds backed by the assets of five failed corporate credit unions, nearing the bottom of the barrel of some $50 billion of toxic assets held by the corporates that are being securitized.