Southeast Corporate Hits the Road
Seven meetings, spread across Mississippi and Florida, now loom on Brad Miller's calendar as the CEO of Southeast Corporate Federal Credit Union takes the question of the corporate's future to its 400 credit union members.
"By the end of April, we want to have a good feeling for our members' willingness to recapitalize us at an $80 million level," Miller said. Southeast's NCUA deadline is Sept. 30, but Miller indicated he wanted the ability to explore alternatives in the event the recapitalization push fails. Alternatives might include merger with another corporate, for instance. "What's crucial is maintaining continuity of services to our members," Miller said.
For now, however, he is optimistic that there will be sufficient interest in recapitalizing Southeast, based upon informal talks he has had with members.
Miller indicated the corporate has already developed a detailed plan for going forward that mixes a push for significant operating efficiencies (cutting costs of back-office operations) with a substantial balance sheet reduction (shifting roughly $1 billion of today's $3 billion balance off the balance sheet) and committing to a further range of steps for preserving member capital.
"We have had many talks with members, to gauge the temperature. We believe the plans we will present at our regional meetings are what members indicated they wanted to hear from us," Miller said.
Meetings start Jan. 25 in Pensacola, Fla., and continue through Feb. 10 in Miami Lakes, Fla. Duration is two hours, from 1 pm to 3 pm. More details are available at www.secorp.org.