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News Now

CU System
Southeast Corporate Town halls see merger support
TALLAHASEE, Fla., and COLUMBUS, Ohio (11/23/11)--Southeast Corporate FCU, Tallahassee, Fla., announced Monday that member response for its merger with Corporate One, Columbus, Ohio, has been positive, based on a series of town hall meetings.

Eight town halls were held throughout Mississippi, Florida and Alabama, and ended last week in Jacksonville, Fla.

Brad Miller, Southeast Corporate's president/CEO and Lee Butke, president/CEO of Corporate One, presented the vision for the newly combined entity.

The merged organization will have a strong capital position in terms of the ratios and actual dollars. It will be a well-capitalized institution meeting the required permanent leverage ratios today and exceeding all long-term capital ratios under the new rule, Southeast Corporate said.

The merged corporate also will provide for continuity of services for Southeast's members, based on the synergies of the two corporates' products and services and system platforms.

Miller said he was heartened by the level of participation and support evident at meetings. "It's clear that our merger with Corporate One is the best and only remaining option to protect our members' $63 million in capital while preserving the franchise value built over the past 30 years of dedicated service to credit unions," he added.

Butke agreed. "Corporate One is in the best position to help preserve member capital while continuing to provide the same products and services along with additional products not currently offered by Southeast as well as a combined balance sheet of sufficient size to provide much needed liquidity to the system," he said.

"The No. 1 question at the town halls was about our ability to preserve the members' capital,' he added. "What I heard from the attendees is a huge sense of relief that a merger between Southeast Corporate and Corporate One will preserve the members' existing capital, but also provide real value to them for their ownership investment."

Butke and Miller said the merger plan and thorough due diligence process is continuing. "We expect to move through the process as quickly and diligently as possible," said Miller. "We have completed the regional town hall meetings and are now focusing on functions and processes such as system integration and ensuring service continuity to the members. Once all that is completed, we will finalize our merger application to the National Credit Union Administration."


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