The boards of directors of Corporate One and Southeast announced Wednesday that they had signed a definitive merger agreement that brings the two large corporates a step nearer to consummating the intent to merge that initially was announced in mid-September.
Feb. 16, 2012 -- NCUA Approves Corporate One-Southeast Merger
The trigger for that was the failure of the 400-member, Tallahassee, Fla.-based Southeast to capitalize. It then turned to the 780-member, Columbus Ohio-based Corporate One and the progress towards a merger ensued.
In the present announcement the two corporates indicated they were preparing their merger application for submission to the NCUA. Another remaining step is a vote on the merger by members of the corporates.
From his chair, Lee Butke, CEO of Corporate One, expressed deep optimism about the merger. “I am overwhelmed by the support we are seeing from Southeast’s member,” he told Credit Union Times in an interview. He added: “We hope to have this wrapped up by mid-year.”
In a prepared statement, Brad Miller, CEO of Southeast, said: “As we drafted the Definitive Merger Agreement, our number one goal continues to be the preservation of the collective $63 million in member capital shares held by members at Southeast. With the Definitive Merger Agreement now completed and signed, it is increasingly clear that choosing Corporate One was the best choice for Southeast members. Once the merger is approved by the NCUA and voted on by members, we can look forward to a smooth merger with Corporate One.”