Western Bridge Corporate Federal Credit Union

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Western Bridge Corporate Federal Credit Union
Credit union
Industry Financial services
Founded 1969
Defunct July 6, 2012 (2012-07-06)
Headquarters 924 Overland Ct San Dimas, California
United States
Key people
Philip Perkins, CEO
Website wescorp.org

Western Bridge Corporate Federal Credit Union, or WesCorp, was a financial services cooperative headquartered in San Dimas, California. As a corporate credit union, WesCorp provided services to natural person (consumer) credit unions. WesCorp served America’s credit union industry as an aggregator of financial products and services for the purpose of delivering cost-savings and greater efficiencies to more than 950 member/owner credit unions throughout the United States.

On March 20, 2009, NCUA placed WesCorp into conservatorship.[1] The company was officially dissolved on July 6, 2012.[2]

Corporate history

California Central Federal Credit Union

In 1969, the leaders of California’s credit union movement collectively recognized the need for a non-competitive service provider. From this common vision, the California Central Federal Credit Union was chartered. The nation’s first federally chartered central credit union, California Central FCU was originally created to serve the liquidity needs of credit unions and credit union organizations in California. In 1975, CCFCU expanded its field of membership to include all credit unions and credit union associations in National Credit Union Administration Region VI, becoming the nation’s first regional corporate.

Western Corporate Federal Credit Union

In 1976 the credit union changed its name to Western Corporate Federal Credit Union (WesCorp) to reflect a desire to serve organizational needs within the parameters of a regional charter. Natural person members, although allowed in the original charter, were discontinued as the corporate focused exclusively on institutional business. WesCorp finished 1977 with $229.3 million in assets.

Western Bridge Corporate Federal Credit Union

On March 20, 2009, WesCorp was taken over by regulators and renamed Western Bridge Corporate Federal Credit Union.[3]

United Resources Federal Credit Union

In 2011 Western Bridge Corporate Federal Credit Union sought to capitalize a new corporate credit union for the western states called United Resources Federal Credit Union.[4] This effort failed to obtain sufficient funds and Catalyst Corporate Federal Credit Union was approved on December 14, 2011 to purchase its operations.[5]

See also

References

  1. "NCUA Conserves U.S. Central and Western Corporate Credit Unions" (Press release). National Credit Union Administration. 2009-03-21. Retrieved 2009-03-21.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. Rapport, Marc (June 8, 2012). "Corporate No More: Western Bridge Formally Liquidated". Credit Union Times. Retrieved June 9, 2012.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. Birch, Ray; Diekmann, Frank J. (July 23, 2012). "The Life & Death of WesCorp". Credit Union Journal. pp. 15–34.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. McGarvey, Robert (June 14, 2011). "United Resources FCU Submits Charter Application to NCUA". Credit Union Times. Retrieved June 14, 2011.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  5. Roberts, Ed (December 14, 2011). "Catalyst Corporate Wins Remnants Of WesCorp". Credit Union Journal. Retrieved December 19, 2011.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links