WALLINGFORD, Conn. – Constitution Corporate member credit unions have made a significant commitment to the corporate over the past year by purchasing membership capital shares. As part of the corporate’s Capital Enhancement Plan, the corporate has offered members various offerings to build capital. During the last 12 months, credit unions have purchased $30 million of these shares. A supplemental membership capital share deposit offering that ended on Friday attracted more than $23 million. “The offering was based on above-market rates which gave members the flexibility of investing in a fixed or variable rate or a combination of both,” said Mike Kinne, VP/CFO. I am very pleased with the success of the offering. It raised our capital ratio and brings us more in line with our peer corporates.” Constitution has been on the move. Just last month it received NCUA approval for Part I expanded investment authority.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.