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SunCorp announces success in raising 60M capital
WESTMINSTER, Colo. (9/16/11)--System United Corporate FCU (SunCorp) in Westminster, Colo., Thursday announced it successfully raised more than $60 million in capital to meet the requirements of the National Credit Union Administration’s regulation 704. The new regulation requires corporate credit unions to obtain a minimum 4% interim leverage ratio by October, which can be comprised of any form of capital: retained earnings, perpetual contributed capital, or nonperpetual capital (similar to membership capital accounts). SunCorp raised more than $60 million in new capital subscriptions from 176 members. It said it is looking to expand membership as credit unions in the West continue to choose provisions of settlement and payment services, and liquidity and investment support. “Because of [our capitalizing members], we can now look to the future and the many new opportunities for SunCorp as the cooperative solution to credit unions throughout the West,” said Tom Graham, SunCorp president/CEO. Earlier this week, Southeast Corporate FCU in Tallahassee, Fla., announced Tuesday it signed a letter of intent to merge with Corporate One FCU, based in Columbus, Ohio (News Now Sept. 14). Southeast Corporate fell short of the $80 million it needed in capital commitments to operate as a stand-alone corporate. The membership of Southwest Bridge Corporate, Plano, Texas, voted Aug. 30 to approve the corporate’s merger with Georgia Corporate, Duluth, Ga., a consolidation that created Catalyst Corporate on Sept. 6 (News Now Aug. 31). Western Bridge Corporate in San Dimas, Calif., did not meet the capital requirements. Alloya Corporate announced success in meeting its capital requirements.


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