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NCUA updates Western Bridge members on recent actions
SAN DIMAS, Calif. (9/20/11)--The National Credit Union Administration (NCUA) has provided Western Bridge members with an update on future actions. Western Bridge has been run by NCUA under conservatorship since March 2009. United Resources FCU’s bid to succeed Western Bridge Corporate FCU fell short of the bridge corporate’s stated capital subscriptions goal of $200 million. NCUA said Friday it will hold a meeting Oct. 3 with potential bidders for Western Bridge assets. The agency said its preference is to seek an acquirer that can absorb the corporate’s entire operations while minimizing costs to the insurance fund. The agency will also redeem all of the Western Bridge Corporate FCU’s $3 billion in fixed-rate CDs Oct. 3. NCUA said it repaid the all of capital pledged by Western Bridge members on Sept. 15 with including interest accrued through Sept. 14. Dividends payable on the share certificates are the largest costs associated with operating Western Bridge, NCUA said. The early redemption of the CDs is projected to save NCUA estimated it can save $31.6 million in costs. The NCUA had previously alerted members to the possibility of early redemption of the certificates in a July 18 letter.


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