The corporate network has now hit rock bottom "and we're on the way up," in the view of the president/CEO of the Missouri Corporate Credit Union.
"Let me give you some numbers for our corporate which tell a positive story--we started last January at $864 million, closed at $538 million at the end of August, our capital ratio in January was 2.51% and in August climbed to 3.13% and our net economic value in July was 3.926%," said Dennis DeGroodt, CEO of the St. Louis-based corporate.
Missouri Corporate has always operated "in the boundaries of the rules and we believe we still are" based on the new rules issued by NCUA on Friday, DeGroodt said.
Missouri Corporate, he noted, has no legacy assets and "we are confident we will meet the new regulatory requirements."
Another corporate CEO speaking out today, David Brehmer, CEO of First Carolina Corp., said the changes made by NCUA "appear to be reasonable and workable."
"First Carolina's business model remains intact and we will continue to provide our member owners value-added financial services," he said.
In Michigan, CenCorp said the sweeping new rules approved by the NCUA on Friday "are less invasive than originally proposed and will have little effect on daily operations."
In a Friday letter to executives of its member CUs, CenCorp CEO Bill Walby said some details of the NCUA's plan were more favorable than those originally proposed.
