VolCorp exceeds $43.9M PPC goal

NASHVILLE, Tenn. (7/1/11)--Volunteer Corporate CU announced Thursday it has exceeded its $43.9 million goal for perpetual contributed capital (PPC).

The goal was determined in VolCorp's strategic plan as the amount of PCC required to continue its current business model and not have to shrink assets, discontinue any services or raise member prices, said the Nashville, Tenn.-based corporate's announcement.

VolCorp has not depleted any member contributed capital; it asked members only to convert what they already had in their membership capital accounts.

"We are very thankful to our members for believing so strongly in this collaborative association and making this long-term commitment," said VolCorp CEO Rick Veach. "We pledge to devote ourselves to increasing our value to our members and making this the best investment decision they have ever made."

VolCorp will continue to receive PCC commitments and build its capital base even further. That will include adding new members.

VolCorp also is involved in a possible merger with West Virginia Corporate FCU, which would further enhance VolCorp's capabilities and financial strength. The two corporates announced their intent to merge in May. The agreement calls for VolCorp to be the surviving corporate while maintaining offices in both Nashville and Parkersburg, W.Va.

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