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News Now

CU System
Southwest Bridge Corporate council votes for merger
PLANO, Texas (12/3/10)--Southwest Bridge Corporate’s Member Advisory Council voted in favor of merging with Georgia Corporate FCU Tuesday. “Yes, the committee voted 86% in favor of the proposal,” Kerry Parker, chair of the Southwest executive committee and president of A+ FCU in Austin, Texas, told News Now. “That’s the first tier. Then the 1,400 member credit unions [affected by the plan] will hold town halls and webinars to go through the proposed plan. Then NCUA decides. If NCUA says no, then we’ll have to go back to the drawing board. “A lot of hard work went into this,” she added. “The team at Southwest Bridge Corporate was very good. I don’t think people realize how quickly this has to be done. There’s a short time frame to do something, and we will do it.” Three corporates--Constitution Corporate FCU, Members United Corporate FCU, and Southwest Corporate FCU--were placed into conservatorship by the National Credit Union Administration (NCUA) Sept. 24 (News Now Nov. 2). NCUA in October chartered the two bridge corporate credit unions to assume the operations of now conserved U.S. Central Corporate FCU (US Central) and Western Corporate FCU (WesCorp), completing another step in its corporate credit union resolution process (News Now Oct. 6). “Any final approval authority resides with the NCUA board,” John McKechnie, NCUA director of public and congressional affairs, told News Now. “No proposal has been presented for NCUA review.”


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