Westminster, Colo.-based SunCorp has announced it has signed Milwaukie, Ore.-based Oregonians Credit Union ($282 million in assets).
Oregonians will be shifting the corporate credit union services it had previously received from Western Bridge to SunCorp, said SunCorp.
In a statement, Chuck Garner, CEO of Oregonians, said, “We feel strongly that a corporate credit union in the west is important to us and the movement. SunCorp is the largest surviving corporate in the west with an array of services that closely match the services we utilize at WesCorp with pricing that is very close to that of WesCorp.”
In an interview with Credit Union Times, Mark Schieffer, executive vice president at SunCorp, indicated that his corporate has set a target of signing in total “around 30” Western Bridge users.
He added that the $4 milion United America West Federal Credit Union in Arleta, Calif. had also recently signed with SunCorp.
Speaking as he was about to board a flight to Boise, Idaho, where he expected to talk with “around a dozen” natural person credit unions, Schieffer indicated that “many” western states credit unions had indicated a desire to align with a western corporate and, in his opinion, SunCorp – aka System United Corporate Federal Credit Union – is ideally positioned to fill that need. “We have a very strong service profile and a good capital position.”
Schieffer acknowledged that, for most credit unions, the SunCorp capital call will be higher than what Catalyst – the NCUA-blessed winner of dibs on Western Bridge's assets – is seeking, but, said Schieffer, “We want to raise capital once and done. With the amount we are seeking, we believe there is much less likelihood that we will need to go back to raise additional capital at a later date.”
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