PLANO, Texas – NCUA has awarded the remnants of WesCorp FCU, including computer systems and member accounts, to Catalyst Corporate FCU, formed by the recent merger of Southwest Corporate FCU and Georgia Corporate FCU.
“We had partnered with Wescorp on a variety of projects over the years, and as a result we were already familiar with many of their systems and process,” said Brad Ganey, senior vice president/chief operating officer of Catalyst Corporate. “After performing due diligence, we feel confident that Catalyst can provide a compatible, cost effective option for Western Bridge members.”
Ganey notes that there are numerous operational similarities and shared platforms—not to mention that both corporates offer many of the same products—that will ensure a smooth migration for credit unions moving from Western Bridge. All in all, he said, credit unions will experience minimal changes to the way they do business with their corporate: “Wescorp, and its successor Western Bridge, have offered members high value products and service for many years.
“Catalyst has a proven track record of integrating operations in prior acquisitions and employing sound business practices to maintain continuity of operations,” said NCUA Chairman Debbie Matz. “We are confident that Catalyst will provide the same array of payments services presently provided by Western Bridge to its member consumer credit unions.”
Catalyst said the same rules for capitalization will apply to future members from WesCorp as what was established for Catalyst’s “charter” members.
At the end of October Catalyst has $2 billion in assets at 890 members.
In the coming weeks Catalyst will contact members of WesCorp to ensure they are fully informed of the benefits of transitioning to Catalyst as well as what to expect with regard to the transition.