The $2.9 billion CatalystCorporate Federal Credit Union announced July 3 it hascompleted its consolidation with Western Bridge Corporate. The weekend ofJune 30, Catalyst Corporate took the final successful steps in theconversion process, including transferring core systems, billing,wire services and Internet connectivity.

“Each phase of this very complex conversion process has gonesmoothly,” said Catalyst Corporate President/CEO Kathy Garner. “Because of the efforts of the integration teamsat both corporates, we are well-positioned to provide the fullCatalyst value proposition to each of the 315 Western Bridgemembers that transitioned to Catalyst as capitalizing members, andto serve the needs of all Catalyst members well into thefuture.”

Over the past several months, Catalyst Corporate transitionedservices such as ACH, remote deposit and check processing forformer Western Bridge members. As a result of the item processingtransition, Catalyst Corporate's daily check processingvolume jumped from approximately 420,000 items per day inApril to an approximate average of nearly 700,000 items per dayduring June, and included one day when Catalyst Corporate processedmore than 1.2 million checks.

Catalyst also converted 57 credit unions to its ACH originationservice and 135 credit unions to its ACH receipt service. And inearly May, 81 Western Bridge member credit unions, holding a totalof almost 4,000 securities, were transitioned onto Catalyst's newsafekeeping system.

“This has been the smoothest transition/conversion/datamove that we have experienced in more than three years. And we havebeen through about four now,” said Renee Robertson, vice presidentof finance for the $50 million PrimeSource Credit Union in Spokane, Wash. “I reallyappreciated all the pre-planning that you (Catalyst) put into thetransition. And the training was easy to follow and available forreference whenever we needed to review it.”

Garner lauded the efforts of credit unions during theprocess.

“A lot of paperwork and preparations had to be handled at thecredit union level. But hundreds of Western Bridge members took theopportunity to participate in Catalyst's scheduled training. Thisengagement, combined with Catalyst's efforts to handle as much ofthe conversion as possible behind-the-scenes, allowed thetransition to take place without any serious snags.”

David Shelter, deputy director of the NCUA's Office of CorporateCredit Unions, said during the regulator's June video economic update that Western Bridge wouldclose its doors for good following a successful transition ofmembers to Catalyst Corporate.