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News Now

CU System
EasCorp raises 18 million in new equity capital
BURLINGTON, Mass. (6/4/09)--EasCorp FCU says that it raised close to $18 million in Paid-In Capital Accounts (PPIC II) (also known as Tier One capital) from 80 member credit unions as of May 15. That brought its total member-contributed Perpetual Paid-In Capital Accounts (PPIC I and PPIC II) to $37.7 million as of Monday. EasCorp said on its website that 104 member credit unions contributed. The new shares will count as capital equity under generally accepted accounting principles (GAAP). "In the end, the final decision was made based primarily on a relationship that has developed over the past seven years" between EasCorp and the credit union, said Bernie Winne, president/CEO of Boston Firefighters CU, told EasCorp.


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