The $4 billion Mid-Atlantic Corporate FCU has announced more than $75 million in converted capital as of Wednesday, June 9, the result of a new membership agreement effort that began in January. Approximately $71.6 million of the capital qualifies as Tier 1, Perpetual Contributed Capital (PCC).
Of the 427 members who have converted capital so far, Mid-Atlantic reported that 409 pledged the required amount to qualify as "platinum level" members. Of the four new membership levels, platinum members receive the highest dividends and pay the lowest prices for products and services.
The new membership agreements are effective July 1.