Nashville, Tenn.-based Volunteer Corporate Credit Union announced Thursday it has exceeded its goal for Perpetual Contributed Capital of $43.9 million and that it now has achieved “adequately capitalized” status, per NCUA requirements.
“We are very thankful to our members for believing so strongly in this collaborative association and making this long-term commitment,” VolCorp CEO Rick Veach said in a prepared statement.
In an interview VolCorp senior vice president Sandy Swofford elaborated that the corporate now has 194 full members.
She added that number may go up, as the corporate continues to pursue new members. VolCorp also is proceeding with a possible merger with West Virginia Corporate – “We have had a series of very positive Town Hall meetings in West Virginia,” said Swofford – but that is contingent upon approval by West Virginia Corporate’s members and regulators.
As for how VolCorp hit its PCC goal, Swofford said, “We have a very good story to tell. We have not lost any of our member capital.” The corporate’s going forward business plan also offers continuity of services with no increased costs to members.