Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
FirstCorps leverage ratio nearly 6
PHOENIX (8/15/11)--First Corporate CU has a leverage ratio of nearly 6%--well over the minimum regulatory requirement, announced the Phoenix-based corporate. As part of its corporate stabilization plan, the National Credit Union Administration requires corporates to have a minimum of 4% in capital, beginning in October. Some corporates needing to raise capital have issued calls for Perpetual Contributed Capital (PCC) from their memberships. They have until Aug. 31 to raise the funds. FirstCorp attributed the ratio to "tremendous member support." "The members have spoken and have finally been able to act and exercise their free choice," said FirstCorp President/CEO Pete Pritts. "We are appreciative of the confidence the membership has placed in us to keep getting it done." FirstCorp members converted membership capital to the newly defined PPC and over subscribed to FirstCorp's Non-perpetual Contributed Capital issuance of transitional capital, which emulates a five-year certificate of deposit. This demonstated member confidence, said the $1 billion asset corporate. "For 33 years we have worked hard to earn their confidence and do what is best for credit unions. Now we can get back to focusing on that, back to serving credit unions. We are here ready and able to serve those who want to be served," Pritt said.


RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
12 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
13 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
13 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
13 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
14 hours ago