SAN DIMAS, Calif.-Some highlights from the history of WesCorp.
California Central Federal Credit Union is Chartered. It takes deposits only.
First capitalization project launches with a campaign to persuade member credit unions to deposit at least 1% of their assets in California Central Federal.
Three certificates of deposit-$50,000, $100,000, and $200,000 are offered, and CASH Flow Loan introduced.
Richard M. Johnson named CEO. FOM expands to NCUA's region VI (nine western states). Changes name to Western Corporate FCU.
"Words from WesCorp" monthly member newsletter launched.
Guaranteed Line of Credit introduced, as are share certificates, share draft settlement, Visa card program, T-bill plus certificates and more.
New "airline" system for phones (to keep CUs informed while on hold) debuts.
Demand credit line, certificate-secured loans and Government Securities-secured loans introduced. WesCorp becomes CLF agent for members.
Participation certificates (pooled investment with other credit unions, $20,000 to $100,000 per CU) introduced. WesCorp moves to California CU League offices in Pomona, Calif.
New data processing system added, share drafts replace bank checks, check reconciliation system and toll-free Newline added. Corporate share draft launched, along with WesCheck Deposit.
Account Services Representative program (a designated WesCorp rep provides a CU detailed info on its account) introduced. WesCorp joins with corporate network on National Credit Union Financial and Support System Internet.
WesCorp moves into new building, launches ACH origination and Guaranteed Line of Credit Program.
Credit Union Check Processing Coordinating Committee forms with 17 local credit unions.
ALCO Committee created; second processing center in San Leandro, Calif., opens; American Express Corporate Card program added. WesCard Services Program transferred to California League Services Corp. Moves headquarters to San Dimas. Security Pacific merges with Bank of America; WesCorp picks up the item processing. Capital Certificates converted to Member Capital Accounts per new NCUA Reg 704.
Credit Union Deposit Network, a cooperative effort between credit unions to accept over-the-counter deposits from each others' members introduced. Advisory Council formed.
Daily auto fax service debuts. An amortizing certificate offered, as well as an Account Summary to save CUs a phone call. Converts to in-house data processing system. Upgrades to ChekBack. a PC-based program for sending back returns, to accommodate the new faster modems credit unions are using.
WesCorp, like other corporates, becomes independent from state leagues as result of new NCUA rules on "interlocks." CU-to-CU internal transfers are added.
Board approves sale of Paid-In Capital (first corporate and until 1998, only corporate with PIC); raises $130 million from 336 CUs.
Converts one-year MCAs to three-year notice accounts; creates a new risk assessment function separate from the risk management function in investments; Callable and Step-Up Certificates introduced. Bob Burrell joins WesCorp.
First WesCorp CUSO, WesCap, chartered to provide pooling and securitization of credit union-originated loans. Receives final approval for Parts II and Part IV expanded authority for investments. Y2K project implemented; Idaho corporate absorbed via merger; WAVE, a real-time browser-based solution, introduced. Permanent office in Hawaii opens. Check imaging added.
WesCorp Investment Services launched. NCUA resident examiner assigned to WesCorp. First $1 billion Global medium-Term Note program debuts. Financial Solutions Group started to aid CUs in identifying and quantifying risk.
Approved for national FOM. New high-speed image-enabled document processor increases processing speed by one-third.
Richard Johnson retires as CEO; Bob Siravo named as successor.2009March 20, NCUA places WesCorp into conservatorship.
Western Bridge Corporate's assets, operations are acquired by Catalyst Corporate FCU.July 6: WesCorp officially closes.