Upon reaching its Aug. 1 deadline, Missouri Corporate Credit Union announced that it exceeded the capitalization goals under the NCUA’s overhauled regulation.
President/CEO Dennis DeGroodt noted that “our goal was to raise at least $17.5 million in capital, and so far we’ve received $21.4 million. We have exceeded the goal by 22%.” The deadline for current members to commit to purchasing perpetual contributed capital was Aug. 1, 2011.
“The trust and faith our members have put in us is overwhelming,” said DeGroodt. Credit unions in Missouri, Illinois, Oklahoma and North Dakota all made capital commitments, and more commitments are expected.
Missouri Corporate Credit Union is about $450 million in assetsand serves more than 200 credit unions in the U.S.