System United Corporate Federal Credit Union announced Thursday that the Westminster, Colo., corporate had successfully raised the capital it needed to meet the requirements of NCUA regulation 704 that mandates minimum capital ratios for corporates.
SunCorp raised more than $60 million in new capital subscriptions from 176 members, the corporate said.
In a statement, Tom Graham, president/CEO, said, “We are grateful for the support of our capitalizing members. Because of them, we can now look to the future and the many new opportunities for SunCorp as the cooperative solution to credit unions throughout the West.”
In that same release, SunCorp pointed out that it is “the largest corporate credit union in the West” and that it “is looking to expand membership as credit unions in the West continue to make their choice for settlement and payment services, and liquidity and investment support.”