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.
In a prepared statement, Fiore, as CAG chairman, also said, "I am pleased to report that Members United Bridge has received a letter from NCUA's Office of Corporate Credit Unions stating that based on the information provided, it has no objection to the capital plan."
The CAG had applied on March 18 for a new charter from the NCUA. Fiore said the group is now working with lawyers to prepare a document outlining the exact terms of recapitalization for circulation to members.
What is already known is that the new corporate – the name has yet to be announced – will offer what Fiore has termed an innovative capitalization scheme, probably based on the extent of use of the corporate's services.
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