Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Missouri Corporate refunds excess cap commitments to CUs
ST. LOUIS (9/29/11)--Missouri Corporate CU (MCCU) will refund $2.6 million in excess capital commitments to its members, the corporate announced Wednesday. The capital commitments resulted from the corporate's recent re-capitalization effort, which aimed to raise a minimum of $17.5 million. Member credit unions actually pledged more than $22.6 million. In a meeting Thursday, the corporate's board of directors voted to top the capital commitments at $20 million and return roughly $2.6 million in escrow to current members. "The support of our members was overwhelming and well beyond our expectations," said Dennis DeGroodt, president/CEO of MCCU. "It is unusual, especially for a corporate credit union, to return excess capital commitments, but that's exactly what we are doing. Right now, our members need the funds more than we do," he added. The amounts refunded ranged from $182 to $92,300. Even with the refunds, MCCU remains adequately capitalized with a Leverage Ratio of 5.5%, a Tier-1 Risk Based Capital ratio of 114.3% and a Total Risk Based Capital Ratio of 151.9%, as of Tuesday, the announcement said. DeGroodt said the corporate, which serves 124 natural person credit unions, would welcome new members. "We're not a large corporate, and our focus is not on scale," said DeGroodt. "Our focus is on providing a high level of personal service, backed by a full range of products that are designed to simplify our members' interaction with us. Our goal is to become 'invisible' to credit union employees and free their time to concentrate on their own members."
Other Resources

RSS





print
News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
5 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
6 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
6 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
9 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
11 hours ago