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CU System
Southwest Corporate to hold third webinar in January
PLANO, Texas (12/22/10)--A third webinar is being scheduled in mid-January by Southwest Bridge Corporate FCU heard details of the recommended business model for the corporate's consolidation with Georgia Corporate FCU. About 270 people participated in the Dec. 15 and Dec. 16 member update webinars hosted by Southwest Bridge Corporate. In a message to member credit unions Tuesday, Southwest Bridge CEO Dianne Addington noted that a slide presentation and audio playback of the webinar are available on Southwest's website in the Member Advisory Council Update section. "If you were unable to attend, I encourage you to review the slide presentation and the audio playback of the webinar for information on all six business models presented to the Member Advisory Board Council," Addington told members in her message, which was posted Tuesday on Southwest's website. The council approved its executive committee's recommendation on the consolidation model, and is presenting that recommendation to the National Credit Union Administration (NCUA) for approval. The mid-January webinar will review the business model and answer questions, said Addington's statement. "Members will have sufficient time to get questions answered and to provide additional feedback regarding the business model and the recapitalization process projected to occur in the first half of 2011," said Addington's statement. She noted that resources are also being developed to help credit unions present the information to their boards of directors. NCUA approval of the consolidation business plan is expected by early February, according to the webinar materials. The capital offering period will likely be from mid-February to June, with town hall meetings held in March and April. Signed capital subscription agreements, as well as escrow funds, are due by June 30. If approved, consolidation and funding of the perpetual contributed capital (PCC) account would occur in July 2011. For more information, use the links.
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