As of July 3, Corporate Central Credit Union had converted nearly $25 million in paid-in capital from member capital shares to paid-in capital. The $2.1 billion cooperative announced the offering in April, and it will close July 31.

The PIC 50 offering is so named because it asks members to voluntarily convert 50% of membership capital shares to paid-in capital. Participation of all members would result in $60 million worth of PIC, which would ensure the Muskego, Wis-based corporate's core capital ratio remains above regulatory minimums.

Corporate Central reported a 4.35% core capital ratio as of April 30. It claimed $80 million in retained earnings, but also reported $73 million invested in U.S. Central, including $19.6 million worth of PIC and $53.4 million in MCS, which have yet to be written down.

Board chair Daniel Ige, CEO of the $22 million "Golden Rule" Credit Union, said even though the corporate was only halfway to its $60 million goal as of July 3, he's not concerned because there is still quite a bit left in the pipeline.

"We're aiming for $60 million, but we're really striving to be above regulatory capital minimums, and I think we're pretty much there," Ige said.

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