The campaign to charter United Resources – arising from the remains from Western Bridge – is over. A letter now in transit to would-be members bluntly says, "Based upon actual subscriptions received, as well as an allowance for those in transit, we estimate the total capital raised will be around $90,000,000, from just over 300 credit unions."
"This is short of the goal of $200 million needed to launch United Resources. United Resources will not be chartered and will not assume the operations of Western Bridge."
The letter is signed by Phil Perkins – the current CEO of Western Bridge who had been in line to head United Resources – and Matt Davidson, CFO of Kern Schools FCU acting in his capacity of chairman of the board of United Resources.
Then the letter dropped this bombshell: despite the failure, nothing is changing.
The letter says: "The NCUA has reaffirmed the continuity of service and operations for all Western Bridge member credit unions."
"Therefore, nothing will change right now."
"There are no plans to close Western Bridge's operations, move credit unions off the platform, or begin winding down."
As for exactly what the next steps are for Western Bridge, experts expressed uncertainty. Some have suggested that the best bet would be to sell off what portions are profitable, probably to a surviving corporate. Others suggested that there might be a play where United Resources could come back with a dramatically shrunken balance sheet and try to capitalize again at a reduced level.
The only certainty: the supporters of Western Bridge are indeed cooking up a new plan. Per today's letter: "We now ask you to await the new proposal."
It isn't over until it is over.
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