Southeast Corp Fails in Capital Drive, Seeks Merger
Southeast Corporate Credit Union plans to seek to merge with another corporate now that its capital drive has fallen short of an $80 million goal, the Tallahassee, Fla., institution said Friday.
“We appreciate the many members who supported our efforts with capital commitments and also thank every member for giving their time and consideration to Southeast Corporate during this process. We all knew the challenges facing the corporate system, and Southeast Corporate specifically, were significant,” Southeast Corporate CEO Brad Miller said in a statement.
Miller continued, “While there is uncertainty in any alternative, our objectives in a merger remain the same as they were for recapitalization – protecting and preserving member capital, maintaining continuity of service, and creating long-term value for members.”
Miller indicated that Southeast has narrowed the field of merger candidates to a few possibilities and that an announcement as to which one has been selected will be made shortly.
Any merger is subject to NCUA approval, as well as approval by memberships of the involved corporates.
Southeast presently serves around 400 members.