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CU System
First Carolina Corp. Reg is in line with biz plan
GREENSBORO, N.C. (10/4/10)--First Carolina Corporate CU says the National Credit Union Administration's (NCUA) final rule concerning the corporate credit union system is in line with First Carolina's business plan. In an update sent Wednesday to the Greensboro, N.C.-based corporate's member credit unions, President/CEO David W. Brehmer said the "new regulatory framework that ended up in the final regulation is very much in line with where we were heading in our business plan." "We believe that from an operational perspective, First Carolina can succeed and continue to serve its members in a value-added manner. First Carolina is a profitable operation today and that should continue well into the future," he said. "Our challenge in the near term will be executing our recapitalization effort as we have no choice but to raise new capital and convert existing capital to meet the minimum capital requirements outlined in the new regulation," he added. Brehmer noted the corporate is in the process of reworking its capital restoration plan with a goal of discussing it at its board meeting this week. After the meeting, the corporate will set dates and locations for town meetings. NCUA announced the final rule on Sept. 24, along with its plan for treatment of "legacy assets" and its conservatorship of three corporate credit unions: Southwest Corporate FCU, Members United Corporate FCU and Constitution Corporate FCU.
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