PLANO, Texas – Catalyst Corporate FCU, the corporate credit union conglomerate constructed from four corporates—three of them failures—disclosed some of the details of last year’s purchase and assumption of the remnants of WesCorp FCU, the one-time $34 billion California failure.

Catalyst, the former Southwest Corporate FCU which has also acquired Arizona’s FirstCorp CU and Georgia Corporate FCU, disclosed in its annual report that it made an initial payment to NCUA of $2.5 million upon the completion of the P&A of the remnants of WesCorp.  As part of the deal, Catalyst has recognized a contingent liability of $1.55 million which will be paid over a five-year period and is based on the capitalization level and related fee income of original WesCorp members.

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