By now, First Carolina Corporate CU members have sat down to their annual meeting and luncheon today in Pinehurst, N.C. Other corporates with annual meetings this week include the $1 billion TriCorp FCU on Wednesday, the $3.2 billion Southeast Corporate FCU Thursday, and the $4 billion Mid-Atlantic Corporate FCU Friday.
First Carolina Board Chairman Jack Braswell and President/CEO David Brehmer will present the usual financial updates, but also discuss challenges in the corporate system and "our plans going forward", according to First Carolina's website.
April 2010 financial reports reveal only 2.03% total capital at the $3.2 billion First Carolina, thanks primarily to a nearly $100 million U.S. Central write-down over the past year that wiped out 100% of Reserves, undivided earnings and member Paid-in Capital; and, 23% of Membership Capital Shares.
However, Brehmer reminded members the NCUA is allowing corporates a one-year phase-in period to meet new capital regulations requiring 4% of Tier-1 risk-based capital.
"Our plan is to execute our Capital Restoration Plan within 90-120 days of the newregulation, well within this time frame," Brehmer wrote in the financial reports.