Southeast Corp Extends PCC Deadline One Month
Southeast Corporate Federal Credit Union’s board has voted to extend the $1.6 billion corporate’s capital subscription deadline to June 29.
The Tallahassee, Fla.-based Southeast Corp is attempting to raise $75 million worth of Perpetual Contributed Capital as part of a merger deal with the $3.7 billion Corporate One Federal Credit Union of Columbus, Ohio, and had previously set a deadline of May 31.
“The one-month extension is intended to provide additional time for those members finalizing agreements with their boards as well as members who have indicated a willingness to reconsider and support the merger with their capital,” said Southeast Corporate President/CEO Brad Miller.
Miller said to date Southeast has received $66.4 million in PCC subscriptions from 204 members. Of that total, $43.8 million was converted from Member Capital Shares and $22.6 million represents new capital dollars.
Southeast Corp still has $18 million remaining in MCS. Miller said the amount “clearly demonstrates that the $75 million is achievable if members support the conversion of their remaining $18 million in MCS to PCC by the end of this month.”