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Mid-Atlantic Corporate outlines capital plan
MIDDLETOWN, Pa. (1/28/10)--Jay Murray, CEO of Mid-Atlantic Corporate FCU in Middletown, Pa., outlined the corporate’s capital plan and strategy for its member credit unions during a town hall meeting and webcast Tuesday. The power of the cooperative movement still stands through economies of scale, Murray said. Although corporate rules are not finalized, Mid-Atlantic is moving forward and is confident of its future and ability to serve credit unions through liquidity, investment services, and payments services, according to the Pennsylvania Credit Union Association (Life is a Highway Jan. 27). Murray emphasized that Mid-Atlantic has $151 million in membership capital and is not seeking new money from credit unions, the association said. Rodney May, Mid-Atlantic senior vice president of member service, explained new membership materials sent recently to Mid-Atlantic Corporate members. Credit unions must determine whether to convert their membership capital accounts or correspondent membership accounts to perpetual contributed capital or nonperpetual contributed accounts, and select a membership level by June 30, he said. Murray concluded that he believes in the cooperative model, and working together, credit unions will preserve and restore capital for the future. He encouraged credit unions to provide comments to the National Credit Union Administration regarding the new corporate credit union rules by March 9. For Mid-Atlantic Corporate's comments, use the link.
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