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News Now

CU System
SE Corporate Corporate One sign merger intent
TALLAHASSEE, Fla. (9/14/11)--Southeast Corporate FCU in Tallahassee, Fla., announced Tuesday it has signed a letter of intent to merge with Corporate One FCU, based in Columbus, Ohio. Southeast Corporate and Corporate One both have national fields of membership, with primary footprints in the Southeast and Great Lakes regions, respectively. “Our objectives in finding a merger partner remain the same as in all our efforts--to protect and preserve member capital, maintain continuity of services, and create long-term value for members,” said Brad Miller, president/CEO of Southeast Corporate. “A partnership with the financial and operational strength of Corporate One allows us to ensure these objectives are met.” “The combination of Southeast Corporate and Corporate One is a natural fit,” said Lee Butke, president/CEO of Corporate One. “This partnership provides for a financially stronger corporate, along with operational efficiencies that will create long-term value for both memberships.” Butke and Miller said the merger plan and thorough due-diligence process is beginning this week. “We expect to move through the process as quickly as possible,” said Miller. “We will have regional meetings with our members to discuss the benefits of this strategic partnership and our progress toward merger.” Southeast Corporate announced in August it would seek a merger partner after it fell short of the $80 million it needed in capital commitments to operate as a stand-alone corporate (News Now Aug. 29).


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