Eastern Corporate Federal Credit Union, Corporate Central Credit Union and Corporate America Credit Union successfully converted member capital shares to paid-in capital or raised PIC with new dollars. Other corporates, like Southeast Corporate Federal Credit Union and Corporate One Federal Credit Union, have decided against raising new capital.
The difference in approaches comes down to confidence in what the future will bring.
The $1.9 billion Corporate America had raised $35 million worth of new PIC capital as of June 30. The Irondale, Ala.-based corporate will continue to issue the capital in stages, and may continue issuances until a total of $250 million is raised. Previous PIC issuances include $9 million in 1998 and $7.2 million in 2001.
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