Corporate One Credit Union Cites 'Overwhelming' Response to Member Capital Drive
“Overwhelming” - that is the word chosen by Columbus, Ohio corporate credit union Corporate One to characterize the response to its recently concluded member capital recommitment drive.
“The corporate now holds more than a quarter of a billion dollars in total regulatory capital, which including reserves and undivided earnings (RUDE) of $37.2 million,” announced Corporate One in a statement.
Corporate One added that it now qualifies as “well-capitalized” under the NCUA financial regulations. “In addition to meeting NCUA revised Reg. 704 capital ratios at the ‘well capitalized’ levels, Corporate One already boasts a RUDE ratio of 1.14%, which isn’t required until year six per the regulation,” the corporate said in its statement.
A key disclosure in the announcement is that Corporate One is on the hunt for new natural person credit union members: “As credit unions are now doing their due diligence on their future partners, the corporate’s strong financial condition will be an opportunity to provide services to new members,” it said in its statement.
Corporate One, in that regard, indicated it soon would schedule town hall meetings in cities across the United States, to deliver the message of its financial stability and readiness to serve new members.
Corporate One further said it would open its headquarter doors the week of June 6 for “Open House Due Diligence Week,” where senior management will be on hand to answer questions and offer insight into Corporate One’s management and operation.
In an interview with Credit Union Times in late April, Corporate One CEO Lee Butke said, “We have 775 members now. We will have 850 by year end.” That drive apparently is now in high gear.