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Corporate Central members commit 50M to PIC
MUSKEGO, Wis. (8/4/10)--Members of Corporate Central CU have contributed more than $50 million to paid-in-capital (PIC) since it began its capital building efforts in April 2009, the corporate announced Tuesday. “It is within our ability to make value statements and provide empirical measurements to support those statements,” Robert W. Fouch, president/CEO of Corporate Central, said. “However, our true ‘worth’ can only be defined by our members. Collectively, our members have made a profound statement of commitment to their corporate credit union.” Corporate Central said it is well ahead of all initial capital measures in the National Credit Union Administration’s (NCUA) proposed corporate credit union regulations, due to members’ PIC investments made to date and to growing retained earnings. The corporate has projected to be at least 1% in retained earnings by NCUA’s September date targeted for the new regulations. At 1%, the corporate would be more than double the 45 basis points of retained earnings required by NCUA for year three in the new regulations. Also, the $50 million of PIC moves the corporate’s core capital measurement closer to 4%, representing a strong position for the future, the Muskego, Wis.-based corporate said.


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