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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.


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