Southeast Corporate Federal Credit Union yesterday announced it had held its seventh and final town hall meeting for members, with sessions held throughout Mississippi and Florida.
"Members were fully engaged and asked good questions," said Brad Miller, CEO of Southeast, who used the town hall meetings to give members insight into the corporate's 10 year plan for moving forward.
Next up is the decision by individual members as to whether to join in recapitalizing Southeast or not. The business plan seeks $80 million in new Perpetual Contributed Capital. "For each credit union, that equates to 45 basis points of average assets with a cap of $2 million," Southeast said in a prepared statement.
Concurrent with the new capital drive, Southeast will return up to $60 million in member capital shares to existing members. In its statement, Southeast said, "Based on loss projections from two outside analytics firms, it is expected that members will receive the majority of their existing $60 million in MCS back."
Southeast said it intended to submit its business and recapitalization plans to NCUA in March and expected to launch its capital subscription campaign in April.