Western Corporate Federal Credit Union
Encyclopedia
Western Bridge Corporate Federal Credit Union, or WesCorp, is a financial services
cooperative headquartered in San Dimas
, California
. As a corporate credit union
, WesCorp provides services to natural person (consumer) credit union
s. WesCorp serves America’s credit union industry as an aggregator of financial products and services for the purpose of delivering cost-savings and greater efficiencies to more than 950 member/owner credit unions throughout the United States
.
On March 20, 2009, NCUA placed WesCorp into conservatorship
.
Region VI, becoming the nation’s first regional corporate. In 1977 the credit union changed its name to Western Corporate Federal Credit Union (WesCorp) to reflect a desire to serve organizational needs within the parameters of a regional charter. Natural person members, although allowed in the original charter, were discontinued as the corporate focused exclusively on institutional business. WesCorp finished 1977 with $229.3 million in assets.
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
cooperative headquartered in San Dimas
San Dimas, California
San Dimas is a city located in the San Gabriel Valley, in Los Angeles County, California. As of the 2010 census, the city had a total population of 33,371. The city historically took its name from San Dismas Canyon in the San Gabriel Mountains above the northern section of present day San Dimas...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. As a corporate credit union
Corporate Credit Union
A corporate credit union, also known as a central credit union, provides services to natural person credit unions. In the credit union industry, they are sometimes referred to as "the credit union’s credit union"...
, WesCorp provides services to natural person (consumer) credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
s. WesCorp serves America’s credit union industry as an aggregator of financial products and services for the purpose of delivering cost-savings and greater efficiencies to more than 950 member/owner credit unions throughout the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
On March 20, 2009, NCUA placed WesCorp into conservatorship
Conservatorship
Conservatorship is a legal concept in the United States of America, where an entity or organization is subjected to the legal control of an external entity or organization, known as a conservator. Conservatorship is established either by court order or via a statutory or regulatory authority...
.
California Central Federal Credit Union
In 1969, the leaders of California’s credit union movement collectively recognized the need for a non-competitive service provider. From this common vision, the California Central Federal Credit Union was chartered. The nation’s first federally chartered central credit union, California Central FCU was originally created to serve the liquidity needs of credit unions and credit union organizations in California. In 1975, CCFCU expanded its field of membership to include all credit unions and credit union associations in National Credit Union AdministrationNational Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
Region VI, becoming the nation’s first regional corporate. In 1977 the credit union changed its name to Western Corporate Federal Credit Union (WesCorp) to reflect a desire to serve organizational needs within the parameters of a regional charter. Natural person members, although allowed in the original charter, were discontinued as the corporate focused exclusively on institutional business. WesCorp finished 1977 with $229.3 million in assets.