The NCUA has agreed to allow Members United Bridge Corporate Federal Credit Union to circulate its recapitalization plan for a new corporate to potential members, Credit Union Times has learned.
John Fiore, CEO of the $730 million Motorola Employees CU in Schaumburg, Ill., and chairman of the Members United Bridge Charter Advisory Group, said the group has gotten the OK from the NCUA to move forward in possibly re-creating a new corporate out of Members United Bridge.
"By May 1 we hope to be out asking for capital commitments. The money goes into escrow until we close. I am very optimistic. I don't think we should have an issue getting commitments," Fiore said Saturday in an exclusive interview.
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