First Carolina Corporate Funds Its PCC
Greensboro, N.C.-based First Carolina Corporate Credit Union announced Thursday it had fully funded its Perpetual Contributed Capital, bringing in nearly $65 million, put in by 142 members.
CFO Mark Brown, in a prepared statement, indicated the $1.7 billion First Carolina expected more members to come aboard with PCC.
“While funding technically is due today, some credit unions are still finalizing their paperwork and we understand that,” Brown said.
First Carolina also said that it had now reached its October 2011 NCUA requirements for net income and capital.
Brown added, “We are moving forward, focused on providing the products and services credit unions need to serve their own members.”