CenCorp Completes Capital Offering
Central Corporate Credit Union has completed its Perpetual Contributed Capital offering, hitting a target of $80 million, raised from some 90% of CenCorp members, the corporate CU announced yesterday.
“Our members really came through for us,” said CenCorp CEO William Walby, whose $2.1 billion Southfield, Mich.-based credit union counts some 300 credit union members. He said that the CenCorp business model is “we can do it all for our members, they do not need multiple vendors to handle their correspondent services.”
Walby added “we offer a cost-effective solution that lets a credit union focus on member services, not back office functions. That is our value proposition.”
He confidently predicted: “We will be here next year and for many years to come. The extent of our member-owner support lets us express confidence about the future.”