The combined corporate will receive a new name and serve more than 1,200 CUs, leagues and CUSOs.
Member credit unions will soon vote on the consolidation of First Carolina Corporate and Mid-Atlantic Corporate.
Members slated to vote on the merger in 2016 pending regulator approval.
A temporary Federal Reserve program is quietly providing a cushion to corporate credit unions as they attempt to raise capital from members to meet NCUA regulatory requirements.
A temporary Federal Reserve program has quietly reduced the amount of capital credit unions have had to pledge so corporates can meet NCUA requirements.
The $1.45 billion North Carolina corporate more than doubled its earnings projections for 2011, ending the year $5.2 million in the black.
Private-label program aims to allow CUs to hold loans in their own portfolios.
First Carolina Corporate Credit Union says it has fully funded its Perpetual Contributed Capital, bringing in nearly $65 million, put in by 142 members.