Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Southeast Corporate goes to plan B merger option
TALLAHASSEE, Fla. (8/29/11)--As corporate credit unions move toward capitalization deadlines, one corporate--Tallahassee, Fla.-based Southeast Corporate FCU--announced Friday that the capital commitments received from its members have fallen short of the $80 million needed to operate as a stand-alone corporate. As a result, all its member capital commitments received will be canceled. Along with its recapitalization efforts, Southeast Corporate has been working on alternative solutions and is well into the process of identifying a merger partner. “We appreciate the many members who supported our efforts with capital commitments and also thank every member for giving their time and consideration to Southeast Corporate during this process. We all knew the challenges facing the corporate system, and Southeast Corporate specifically, were significant,” said Brad Miller, president/CEO of Southeast Corporate. “While there is uncertainty in any alternative, our objectives in a merger remain the same as they were for recapitalization--protecting and preserving member capital, maintaining continuity of service, and creating long-term value for members.” Southeast Corporate assessed the ability of several corporates to meet member objectives. From this review, it narrowed the focus to a short list of potential merger candidates that can provide the best alternative option for the member/owners of Southeast Corporate. “We’re conducting due diligence now and expect to announce our preferred merger partner soon,” Miller said. "The merger plan, which must be approved by the National Credit Union Administration, will be brought to our member/owners for approval, giving them ample time to evaluate and make decisions regarding current service activity and the business plan for the merged organization. Our members can be assured that they will continue to receive uninterrupted service from Southeast Corporate as this alternative process proceeds.”


RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
14 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
15 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
15 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
15 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
16 hours ago