The $2.4 billion Corporate Central Credit Union will now offer credit unions the option to establish membership at an Associate Member Level, with less capital than required for Full Membership, or no capital commitment.
The newly established Partner Level of Associate Membership allows access to all competitively priced correspondent services, all settlement services, and a line of credit proportionate to perpetual contributed capital commitment. PCC commitments begin as low as $10,000.
A new Correspondent Level of Associate Membership allows access to all competitively priced correspondent services with no capital commitment.
“The new Partner Level empowers Associate Members to select the level of capital and line of credit they need, while the Correspondent Level may be right for those looking for services without a line of credit or capital requirement,” said Robert Fouch, president/CEO of the Muskego, Wis.-based corporate.
According to unaudited April financial reports posted on Corporate Central’s website, the credit union has gained $2.4 million net income year-to-date before paying out PCC dividends. Corporate Central already exceeds the NCUA’s retained earnings, Tier 1 core capital and risk-based capital requirements that must be met by October of 2013.