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News Now

CU System
Southeast Corporate proceeds with cap-building plan
TALLAHASSEE, Fla. (5/24/11)--With no objections from the National Credit Union Administration to its recapitalization plan, Southeast Corporate FCU will has announced it will present its perpetual contributed capital (PCC) subscription to its membership with the goal of raising $80 million. “Over the past few months, we have laid out a comprehensive, 10-year strategy for member/owner credit unions,” said Southeast Corporate FCU President/CEO Brad Miller. “We have incorporated members’ feedback and are pleased to move ahead with our PCC offering.” In communicating the recapitalization plan, the corporate held town hall meetings, webinars, presentations at chapter meetings, credit union manager luncheons and other meetings. Southeast Corporate staff also met one-on-one with credit union executives and and their boards. Jeanne Kucey, president/CEO of JetStream FCU, Miami Lakes, Fla., said her credit union’s board of directors voted unanimously to recapitalize Southeast Corporate. “It’s our best opportunity to preserve current capital,” Kucey said. “There will be no disruption of services or member inconvenience, and it allows for maintaining an effective and cost-efficient single source for payment, settlement and liquidity services.” Tallahassee, Fla.-based Southeast Corporate FCU said its plan focuses on continuity of service, preservation and protection of member capital, long-term sustainable value to credit unions, and compliance with NCUA’s new Part 704 corporate regulation as various requirements take effect in the next few years. The priority is to make sure member credit unions retain access to the efficiencies and economies of scale that are foundational to the corporate business mode, Miller said. Southeast Corporate a will conduct 90-day capital subscription process beginning Wednesday.


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