Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Southeast Corporate Corporate One sign merger pact
COLUMBUS, Ohio and TALLAHASSEE, Fla. (1/19/12)--The boards of directors of Corporate One FCU, Columbus, Ohio, and Southeast Corporate FCU, Tallahassee, Fla., have signed a definitive merger agreement.

The two corporates announced their intent to merge on Sept. 13 and are in the process of submitting their formal application to the National Credit Union Administration (NCUA) for approval.

The agreement governs the terms and conditions that binds the organizations together, and it formalizes many of the merger details, the two corporates said.

"As we drafted the definitive merger agreement, our No. 1 goal continues to be the preservation of the collective $63 million in member capital shares (MCS) held by members at Southeast," said Brad Miller, Southeast Corporate president/CEO.

"With the definitive merger agreement now completed and signed, it is increasingly clear that choosing Corporate One was the best choice for Southeast members. Once the merger is approved by the NCUA and voted on by members, we can look forward to a smooth merger with Corporate One," Miller said.

The next step in the merger process is to submit the application to the NCUA sometime this month. Once the application is reviewed by the NCUA, the memberships of the credit unions will vote on merger. If approved, the official capital subscription process will begin soon thereafter.


RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
6 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
9 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
9 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
11 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
11 hours ago