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News Now

CU System
SunCorpWesCorp merger still pending
WESTMINSTER, Colo. and SAN DIMAS, Calif. (12/12/08)--An application for a merger of SunCorp CU into Western Corporate FCU (WesCorp) that was submitted in December 2007 was retracted in January 2008, but remains poised to be formally resubmitted. Westminster, Colo.-based SunCorp, along with San Dimas, Calif.-based WesCorp and the National Credit Union Administration (NCUA) collectively agreed to put the merger application on standby to wait for the market to stabilize, the two corporates told News Now. “We’re still anticipating a positive outcome from NCUA,” said Dennis Toda, vice president of enterprise strategies for WesCorp. “NCUA is aware of our desire to pursue the merger. We remain ready to favorably submit the application. “We continue to maintain and refine the application and are poised for formal submission at a mutually agreed upon time with NCUA,” he added. “The boards and members of both corporates are committed to the merger,” Mark Schieffer, SunCorp chief investment officer, said. “The broader market dislocation is what is resulting in the merger still being in a pending state. “WesCorp and SunCorp are still working together on the process,” he added. “Members know we are still committed. It’s just that the world was turned upside down by financial developments.”
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