United Resources FCU’s bid to succeed Western Bridge Corporate FCU fell short of the bridge corporate’s stated capital subscriptions goal of $200 million Wednesday, said the National Credit Union Administration (NCUA).
Scott Hunt, agent for the conservator of Western Bridge, informed members Thursday in a letter that the corporate had not met its member-driven goal by Wednesday’s deadline.
However, NCUA “remains firmly committed to ensuring continuity of service and operations for all Western Bridge member credit unions,” Hunt wrote in the letter. “We have no immediate plans to shutter Western Bridge’s operations. NCUA is committed to an orderly and timely resolution that ensures uninterrupted service to all member credit unions.”
Credit Union National Association (CUNA) President/CEO Bill Cheney said, “We understand that a number of Western Bridge’s members are disappointed that the capital target was not reached. We believe that the agency’s actions and statement Thursday reflect its willingness to consider options for uninterrupted services to all Western Bridge member credit unions; that has been a priority of CUNA’s, and we will continue discussions with NCUA to be sure that is indeed the case.