Today is the deadline for reaching $200 million in capital commitments and at least some backers of United Resources – the new corporate attempting to form out of Western Bridge –want to let it be known that their support is unwavering.
Case in point: Vons Credit Union, a $320 million institution headquartered in El Monte, Calif., which voted Tuesday to up its capital commitment to United Resources from $960,470 – initially committed in July – to $1.5 million, according to an email from Steve Weakley, the credit union's CEO.
That represents a significant boost over the minimum capitalization required of an institution the size of Vons CU. The basic formula is 25 basis points of assets, according to Matt Davidson, CFO at Kern Schools FCU and a board member of United Resources.
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