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Missouri Corporate members commit 21M in PCC
ST. LOUIS (8/2/11)--Missouri Corporate CU has raised $21.4 in perpetual contributed capital (PCC), exceeding the capitalization level required by the National Credit Union Administration (NCUA). The NCUA deadline for members to make their commitment for purchasing PCC was Monday. Missouri Corporate exceeded its PCC goal of $17.5 million by 22%, according to President/CEO Dennis DeGroodt. Credit unions in Missouri, Illinois, Oklahoma and North Dakota made capital commitments, and more are expected, DeGroodt said. Missouri Corporate, with about $450 million in assets, was chartered in 1976 and serves more than 200 natural person credit unions in the U.S. The PPC is required by NCUA to build capital in each corporate as part of the agency’s overall corporate stabilization plan.


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