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Western Bridge Seeks New Charter, Keeps Open Merger Possibilities

In accordance with NCUA's instruction that bridges transition to independently operating corporates, Western Bridge issued a statement that indicated it planned to pursue a new charter.

By Robert McGarvey | Updated on February 21, 2011

Disappointed that its preferred plan for going forward-merging with Members United-appeared to win negative notice from NCUA, Western Bridge nonetheless recently issued a forward-looking statement that indicated it planned to pursue a new charter, thus fulfilling NCUA’s instruction to bridges to “transition to [an] independently operating corporate.”

This action has met with broad member support, said the Western Bridge Member Advisory Council in a statement where it announced that 80 credit unions (94%) voted in favor of the recommendation. “We are very pleased with the level of participation by the members of the Advisory Council and the results of the vote set a clear direction for a new corporate entity,” said Jim Updike, CEO of Honda FCU and chairman of the Western Bridge Corporate Member Advisory Executive Committee.

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