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Corporate One FCU announces capital re-commitment results
COLUMBUS, Ohio (5/11/11)--Corporate One FCU Monday announced the results of its member capital re-commitment offering, which closed at the end of April. The corporate now holds more than a quarter of a billion dollars in total regulatory capital, which includes reserves and undivided earnings (RUDE) of $37.2 million. The response was overwhelming as the capital offering was even over-subscribed, Corporate One said. With such numbers, Corporate One exceeds all capital ratios at the “well capitalized” level as outlined in the recently updated regulations governing corporate credit unions, and meets all net-economic-value ratios in both base- and stressed-case scenarios. In addition to meeting, the National Credit Union Administration revised Reg. 704 capital ratios at the “well capitalized” levels. Corporate One already boasts a RUDE ratio of 1.14%, which isn’t required until year six, per the regulation. As one of the few corporates not to lose any of its members’ capital investment, Corporate One was in a unique position as it began its campaign because the corporate did not require any additional capital from its current partner members; it only requested members to re-commit their existing capital to the new form of capital--Perpetual Contributed Capital--mandated by the NCUA in the updated regulation. “It brings me great pride to report that Corporate One’s membership capital offering was a huge success and was over-subscribed, and I want to extend my deepest appreciation to those members who re-committed their capital with us,” said Corporate One FCU President/CEO Lee Butke. “The capital re-commitment acknowledged the value Corporate One provides its members and I’m happy to report we’re continuing to receive re-commitment paperwork every day,” he added. “I’ve never been more confident in our ability to serve credit unions with the solutions they need.” The capital offering included the opportunity for members to invest in a non-contributed capital account that in the end was over-subscribed. However, Corporate One’s board has agreed to honor all requests as a thank-you to members. Corporate One filed its capital plan with the NCUA on March 30 and received the agency’s go-ahead on the plan last week. With the close of its member capital re-commitment offering, Corporate One turns its attention to new members. Because credit unions are now doing their due diligence on their future partners, the corporate’s strong financial condition will be an opportunity to provide services to new members. To that end, Corporate One will be hosting a series of town hall meetings in cities nationwide to raise awareness about the corporate and to provide the ability for prospective credit unions to meet with members of Corporate One’s senior management. Corporate One will also open its doors the week of June 6 for an Open House Due Diligence Week, welcoming interested credit unions to visit its headquarters in Columbus, Ohio, to meet with members of its senior team and operations staff.


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