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Bridge corporates created for Members United Southwest
ALEXANDRIA, Va. (11/15/10)--Members United Bridge Corporate FCU and Southwest Bridge Corporate FCU will now assume the “existing business” of the conserved corporate credit unions Members United FCU and Southwest Corporate FCU, the National Credit Union Administration announced on Friday. The NCUA officially chartered the two new bridge corporates on Friday, and chartered U.S. Central Bridge Corporate FCU and Western Bridge Corporate FCU in early October. NCUA Chairman Debbie Matz in a release said that the creation of the four bridge corporates “ensures that 4,600 member credit unions continue to have access to essential liquidity and payment services.” The new bridge corporates have purchased and assumed the assets and member share deposits of their respective conserved corporate credit unions. All four of the bridge corporates will offer little in the way of new services, but will service existing loans and offer new loans for "settlement purposes" only, according to the NCUA. Fields of membership for the new corporates will be identical to that of the now-conserved corporates, and new members will not be accepted, the NCUA added. The bridge corporates will not operate indefinitely, and the NCUA has said that it will operate the bridge corporates until current members find their own individual service solutions. For the full NCUA release, use the resource link.
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