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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.

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