Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Fitch affirms Mid-Atlantic Corporates ratings after merger
MIDDLETOWN, Pa. (2/14/12)--Fitch Ratings affirmed Mid-Atlantic Corporate FCU's ratings after the corporate's recent merger.

Mid-Atlantic Corporate in Middletown, Pa., and VACORP FCU, Lynchburg, Va., completed their merger and opened as a combined institution Feb. 6. Mid-Atlantic Corporate is the continuing charter and is maintaining its current location. Mid-Atlantic said that the merger, combining more than 800 credit union members and over $163 million in capital, creates one of the strongest corporates in the country (News Now Feb. 7).

Fitch affirmed the "A+" long-term Issuer Default Rating (IDR) and "F1+" short-term IDR of Mid-Atlantic Corporate (BusinessWire Feb. 9).

The ratings also reflect Mid-Atlantic's stronger capital, relative to other corporate credit unions, Fitch said.

Because of its successful capital-raising initiatives, Mid-Atlantic has met all the new regulatory requirements. The merged entity's total capital is roughly $176 million--including $16 million in retained earnings, Fitch said.

Mid-Atlantic is the fourth-biggest company in the U.S. corporate credit union network, with total assets of about $4 billion and serving more than 850 member credit unions.


RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
4 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
5 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
6 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
7 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
8 hours ago