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News Now

CU System
CUs pledge 120M capital to Mid-Atlantic Corporate
MIDDLETOWN, Pa. (12/10/10)--Mid-Atlantic Corporate FCU has received continued support from its member credit unions, who have committed more than $120 million in capital to the corporate. The commitment is being maintained even though the National Credit Union Administration (NCUA) has sent a letter to credit unions noting that "during the next year, boards will be expected to make a strategic decision about where to obtain essential services traditionally provided by the corporates." The corporate released its strategic plan in January and more than 650 credit unions committed $120 million in capital, said the New Jersey Credit Union League's newsletter (The Daily Exchange Dec. 8). "Mid-Atlantic Corporate has proven to be both innovative and experienced when it comes to financial performance, payment systems and operational expertise," the Middletown, Pa.-based corporate credit union said. The corporate "continues to be strong and steady, and we're confident we can continue to serve our members effectively under the revised NCUA rules," the article said.


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