Constitution Raises $30 Million in Capital

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.