PLANO, Texas (4/10/12)--Catalyst Corporate has reached more than 1,190 capitalizing member credit unions nationwide after launching with 890 members last September.
Although membership rose steadily throughout the final months of 2011, the greatest influence on growth is transition of Western Bridge Corporate members, the corporate said.
Two hundred eighty-five Western Bridge members pledged more than $46.5 million in capital to Catalyst Corporate, bringing total Perpetual Contributed Capital to more than $144 million.
"We have exceeded our business plan target well in advance of the acquisition date and will continue to accept new member capital as long as credit unions want to join," said Kathy Garner, Catalyst Corporate president/CEO. Catalyst's upcoming acquisition of certain Western Bridge assets and is slated to occur on July 1.
Catalyst continues to lay the groundwork for serving its coast-to-coast membership. In addition to its Plano, Texas, headquarters, Catalyst maintains branch offices in Georgia and Hawaii, and is working to secure space in Southern California.
The corporate also has staff in California, Oregon, Washington, Oklahoma, Florida, Utah and Idaho. They also provide coverage for the neighboring states of Nevada, New Mexico, Arkansas and Louisiana.
"Even though the majority of our business can be performed remotely, we believe that a local presence is important, especially in states where we have large concentrations of members," Garner said.
In Georgia and Hawaii, Catalyst's employees share office space with local leagues. Last week, the space-sharing arrangement between Catalyst and the Texas Credit Union League was made public. Catalyst said it will see substantial savings in its operating costs while furthering the cooperative relationship with the league.
"We all have the same stakeholders, and physical proximity can serve as a valuable reminder that collaboration can help us with future endeavors to serve those stakeholders," Garner said.
Also, the board of directors is adding two new seats to accommodate representation from Western Bridge Corporate's membership. These directors will be selected for recommendation to the board by a Governance Advisory Council--also made up of Western Bridge members.
Catalyst's Western Regional Council was established this week, shortly after the kick-off meetings of the Eastern and Central Regional Council meetings in late March.