At first glance, Louisiana Corporate CU's 2011 financial report shows an institution that increased total capital by $442,565 over the previous year, for a total of $8.9 million. However, the $218 million corporate will have to contend with $2.2 million worth of membership capital shares on notice.
Despite what that means–members are moving capital out of the institution–President/CEO David Savoie said he's happy with those figures.
"In Louisiana, until recently anyway, we've always had an environment where most of our members were dual members here and at Southwest," Savoie said, referring to the Plano, Texas-based Catalyst Corporate FCU. Southwest was originally chartered before Louisiana Corporate, he explained, so most of his members already had an account there before opening a second account at his Metairie, La.-based corporate.
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