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Catalyst Corporate FCU to be merged corporates new name
DULUTH, Ga. (2/4/11)--Catalyst Corporate FCU will be the new name of the combined Georgia Corporate FCU and Southwest Bridge Corporate FCU, pending Georgia's successful purchase and acquisition of Southwest. Georgia Corporate said it anticipated that a purchase and assumption proposal will be submitted to the National Credit Union Administration (NCUA) Board in mid-2011. "Choosing a name that represents the forging of a new corporate entity is an important step forward," said Greg Moore, Georgia Corporate CEO, which is based in Duluth, Ga. Both existing names--Georgia Corporate and Southwest Bridge Corporate--will be abandoned. The new name was developed by a committee representing both corporates and was approved by Georgia Corporate's board of directors. "Catalyst is a mission-driven word that implies 'building,' 'creating' and 'moving forward,'" said Dianne Addington, CEO of the Plano, Texas-based Southwest Bridge Corporate. Addington and Moore noted the name implies "an entity working to make credit unions more successful" while strongly suggesting it "is the result of credit unions coming together to create a new cooperative corporate solution." The new name won't become official until the consolidation is completed later this year. However, executives at both corporates said the name will be used unofficially in the coming months to help reinforce the direction credit unions are headed. The new entity's business plan calls for lower capital requirements than previously required by either corporate. Because of new NCUA regulations, the proposed entity will maintain a smaller balance sheet to minimize risk. However, Catalyst Corporate, if approved by NCUA and capitalized by members, will continue to offer its current product and service line-up and will leverage increased economies of scale to create additional efficient, low-cost services in the future.


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