Southeast Corporate FCU announced Tuesday it has signed a letter of intent to merge with Corporate One in Columbus, Ohio.
“Our objectives in finding a merger partner remain the same as in all our efforts – to protect and preserve member capital, maintain continuity of services and create long-term value for members. A partnership with the financial and operational strength of Corporate One allows us to ensure these objectives are met,” said Brad Miller, president/CEO of Southeast Corporate in Tallahassee, Fla.
According to Lee Butke, president/CEO of Corporate One, “The combination of Southeast Corporate and Corporate One is a natural fit. This partnership provides for a financially stronger corporate, along with operational efficiencies that will create long-term value for both memberships. This is truly a winning combination.”
Southeast Corporate had announced in late August that it had failed to reach its $80 million capital goal and that it would seek a merger partner.
Corporate One presently serves around 775 credit unions. Southeast serves about 400.
Due diligence was said by both parties to commence this week. A timeline for a merger was not disclosed.