Newsroom
June 14, 2012
Southeast Corporate, Corporate One merge July 1
June 14, 2012 – Southeast Corporate FCU and Corporate One FCU are approved and set to complete merger on July 1, with Corporate One to be the name of the continuing institution.
The plan was detailed in a letter to members posted online Wednesday by Southeast Corporate FCU President and CEO Brad Miller.
"Together we've achieved the goals of this merger, which were to preserve Southeast members' capital, provide for continuity of services and protect and enhance the value of the franchise of Southeast Corporate, a franchise that remains valuable thanks to the continuing support of its members," Miller said.
Southeast Corporate members, by converting membership capital shares to perpetual contributed capital and purchasing PCC, raised more than $68 million in capital, with other commitments pending. Miller said Corporate One will have approximately $375 million in total regulatory capital after the merger. Of that, $213 million will be in PCC, which will ensure Corporate One remains "well capitalized."
"With a successful capital raise behind us, Corporate One will now focus on providing those solutions that you need with the benefits that you deserve," Miller wrote.
Corporate One is working to integrate its systems and product solutions with Southeast's "as quickly as possible without causing disruption to our members," he added.
The plan was detailed in a letter to members posted online Wednesday by Southeast Corporate FCU President and CEO Brad Miller.
"Together we've achieved the goals of this merger, which were to preserve Southeast members' capital, provide for continuity of services and protect and enhance the value of the franchise of Southeast Corporate, a franchise that remains valuable thanks to the continuing support of its members," Miller said.
Southeast Corporate members, by converting membership capital shares to perpetual contributed capital and purchasing PCC, raised more than $68 million in capital, with other commitments pending. Miller said Corporate One will have approximately $375 million in total regulatory capital after the merger. Of that, $213 million will be in PCC, which will ensure Corporate One remains "well capitalized."
"With a successful capital raise behind us, Corporate One will now focus on providing those solutions that you need with the benefits that you deserve," Miller wrote.
Corporate One is working to integrate its systems and product solutions with Southeast's "as quickly as possible without causing disruption to our members," he added.
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