PLANO, Texas (1/31/12)--Catalyst Corporate FCU executives have begun the second half of a six-week series of Town Hall meetings to help credit unions find a future direction as they transition from Western Bridge Corporate during 2012.
More than 540 representatives from 282 credit unions have registered for the meetings. Catalyst Corporate executives spoke to nearly 300 attendees at the first 13 meetings.
The meetings are a follow-up to the National Credit Union Administration (NCUA) December announcement that Catalyst Corporate in Plano, Texas, was selected to acquire the operations of Western Bridge Corporate FCU in San Dimas, Calif. NCUA's decision led to a plan that provides for a non-disruptive, low-cost transition of Western Bridge member credit unions, said Catalyst Corporate.
The meetings aim to provide Western Bridge member credit unions with information about the Catalyst Corporate business model, investment requirements, and products and services, and to offer details of the upcoming transition and an opportunity to ask questions.
"One of the key points that we share with attendees is the way in which the model allows the corporate to maintain a low-risk balance sheet while building retained earnings sufficient to meet future regulatory requirements," said Dianne Addington, Catalyst Corporate president/CEO."Catalyst Corporate's efficiency will ensure that the corporate will thrive financially, meet all of the capital and retained earnings objectives, and continue to be innovative in the delivery of services."
Catalyst Corporate is already exceeding many of the financial measures included in the business plan, such as the coverage ratio, the key measure of efficiency, Addington said. "Our coverage ratio expectation was high--estimating a ratio of approximately 82%, compared with an industry average of about 55%," she added. "We were delighted when we realized that at the end of November we had achieved 93.9%."
Catalyst's model is designed to be less dependent on member contributed capital over time as a result of strong growth in retained earnings, Addington explained, adding that Catalyst's membership capital requirement is a one-time occurrence with no future adjustments.
Seven meetings remain. For more information, use the link.
Upcoming meetings will be held in:
- Las Vegas (Jan. 31);
- Honolulu (Feb. 1);
- Lahaina, Hawaii (Feb. 2);
- Fresno, Calif. (Feb. 8);
- Bakersfield, Calif. (Feb. 9);
- Boise, Idaho (Feb. 15); and
- Pocatello, Idaho (Feb. 16).