Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
First Carolina Corp. tops minimum cap fund goal
GREENSBORO, N.C. (5/2/11)--First Carolina Corporate CU raised $60.6 million as of Thursday through its Perpetual Contributed Capital (PCC) subscription offering. The amount exceeds the minimum goal set for the Corporate’s Capital Restoration Plan, which was submitted to the National Credit Union Administration (NCUA) in January. Board Chairman Scott Woods credits the progress of the corporate’s recapitalization to the quality of the plan. “The staff at First Carolina has worked tirelessly to present our members a comprehensive, well-thought-out plan on how to move the corporate ahead and succeed under the new regulatory environment,” said Woods, president/CEO of South Carolina FCU, North Charleston. First Carolina had set a target of raising $60 million to $75 million in PCC and has received confirmation from 134 member credit unions to-date that their recapitalizations were approved by their boards. Of the amount committed, $39.1 million represents new capital investments and $21.5 million signifies conversions of existing membership capital share deposits. “Given the PCC raised and our estimated average assets, we expect to be in full compliance with NCUA’s regulatory requirements for capital and net economic value well before the October 2011 deadline,” said David Brehmer, president/CEO of First Carolina. “It’s a strong sign that our members want First Carolina to be their corporate credit union into the future. We deeply appreciate credit unions’ support of our mission and recapitalization effort.” Brehmer says several credit unions will consider First Carolina’s plan in May. “We’re hopeful the PCC total will continue to grow as additional credit unions hold board meetings to discuss our plan,” he said. Based in Greensboro, N.C, First Carolina Corporate CU is a $1.7 billion corporate serving credit unions in four states.
Other Resources

RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
7 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
7 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
10 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
10 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
10 hours ago