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The NCUA Board yesterday awarded Catalyst Corporate FCU the exclusive right to acquire Western Bridge Corporate FCU and approved the merger of Treasure State Corporate CU and Kansas Corporate CU.

Kansas Corporate CU is the continuing institution in the merger action. Meanwhile, with the decision on Western Bridge Corporate, U.S. Central Bridge Corporate remains the only corporate credit union still in conservatorship. The agency is reviewing bids for its acquisition as well.

As conservator of Western Bridge, NCUA sought an acquisition solution that would minimize service disruption to the consumer credit union members of Western Bridge and ensure the best financial outcome for the Temporary Corporate Credit Union Stabilization Fund.

NCUA conserved the former Western Corporate FCU in 2009 and created Western Bridge to ensure continuity of service and operations for member consumer credit unions. Western Bridge members this year failed to garner enough capital to support a new corporate, which would have operated under the name of United Resources Corporate FCU. NCUA began the bidding process this fall to find a buyer for Western Bridge.

Catalyst Corporate FCU was created by the 2011 merger of Southwest Bridge FCU and Georgia Corporate FCU. It has nearly 900 consumer credit union members. The members contributed $96 million to capitalize Catalyst, which provides item processing, remote deposit and electronic payment services; correspondent, lending and investment products; and access to balance sheet management services.

NCUA, in announcing the merger of Treasure State Corporate and Kansas Corporate, said both institutions are financially sound but sought to merge in order to benefit from improved efficiencies and increased service volumes without significant additional expense. The merger is expected to be effective Jan. 1.

Created in 1977, Treasure State is a $230-million-in-assets, state-chartered corporate serving 57 credit unions. It provides a wide range of correspondent services to meet the financial needs of member credit unions.Kansas Corporate is a $315 million state-chartered corporate, providing its 148 member credit unions access to correspondent services, investment solutions, liquidity solutions, and technology services.