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.