Savoie Likes Louisiana Corporates Numbers
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.
CPA firm Carr, Riggs and Ingram, issued a clean opinion on Louisiana Corporate’s 2011 year-end financials, which have yet to be presented to members at an annual meeting, because the event was deferred this year in anticipation of a pending merger with the $3.7 billion Corporate America CU. Net income after NCUA assessments showed an increase of more than 15% over the previous year. Deposits are right at $200 million, an increase of 35%. Members’ shares also grew by 35%.
As the corporate nears the halfway mark in 2012, its migration from U.S. Central-based payment systems is nearly complete. LaCorp anticipates completing the conversion by late May, at which time it will have no remaining dependencies on U.S. Central for payment, credit or investment services.