Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
#NationalConsumerProtectionWeek begins Monday. http://t.co/BFLiUN7Twc
1 hour ago
.@Bankrate highlights #creditunion affordability vs. banks: 'No surprise,' says @Nussle http://t.co/ocu2fImmsS
2 hours ago
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
17 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
17 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
17 hours ago