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News Now

Washington
Corporates biz plan for United Resources FCU approved
BAKERSFIELD, Calif. (5/9/11)--The business plan for the United Resources FCU, a new corporate credit union that will survive the Western Bridge Corporate FCU, was approved by the National Credit Union Administration's (NCUA) Office of Corporate Credit Unions, the corporate announced Friday. Western Bridge Corporate submitted the business plan to NCUA on March 28. The notice received from the agency allows for the release of the plan, in final version, to members of Western Bridge and clears the way for distribution of the capital offering materials, expected shortly, said a press release from the corporate. The 80-page business plan projects the launch of a corporate credit union with total assets between $4 billion and $5 billion and a capital ratio goal of 5%. United Resources FCU will offer a complete portfolio of products comprised of payment services, liquidity products including term loans, and short-term investments in compliance with NCUA’s new corporate credit union regulations. “We are very pleased to have received confirmation from NCUA that the business plan is approved and we are clear to move forward with the chartering process,” said Matt Davidson, chairman of the Board, United Resources FCU. The next step in the charter process is to distribute the Private Placement Memorandum to current members of Western Bridge Corporate FCU. Credit unions will have until Aug. 31 to decide whether to invest in the new corporate credit union.


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