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July 9, 2012 – The liquidation of Western Bridge Corporate FCU, created in 2009 to ensure continued services for members of the failed Western Corporate, was completed Friday with the migration of its members and services to Catalyst Corporate FCU of Plano, Texas.

Catalyst was created in 2011 by the merger of Southwest Bridge FCU and Georgia Corporate FCU. Western Bridge had 326 member credit unions that had contributed $50.3 million in capital. With the transfer of Western Bridge's members, Catalyst Corporate has 1,232 members and $147 million in capital.

Western Bridge is the first federally insured corporate credit union liquidated in 2012.

The members at Western Bridge initially sought to raise $200 million in capital for a new corporate credit union, United Resources Corporate FCU, but fell short. NCUA sought an acquisition solution and awarded Catalyst the exclusive right to acquire Western Bridge last December.

The closure of Western Bridge Corporate completes another step in NCUA's corporate resolution plan.

"The closing of Western Bridge's doors is an important milestone for the entire credit union system," said NCUA Board Chairman Debbie Matz. "Consistent with NCUA's Corporate Resolution Plan, we have smoothly transferred the former corporate's members and services to Catalyst while minimizing costs for all credit unions."

NAFCU has urged NCUA throughout its resolution process to ensure that the future of individual corporates be decided by their natural person credit union members. It continues to encourage NCUA to take whatever measures are needed to mitigate the cost of resolution to the share insurance fund.