The $4 billion Mid-Atlantic Corporate FCU today released on update on the progress of its new membership structure, which has resulted in capital conversion agreements that total nearly $116 million.
Most of those funds, some $108 million, will be considered Tier-1 capital under NCUA's proposed new corporate rules. The Middleton, Pa.-based credit union said the agreements, which will take effect upon NCUA's release of final Part 704 regulations, add up to more capital-contributing members than before the corporate crisis began.
"We are very pleased and humbled by the level of support shown to us by our members," said Jay R. Murray, president/CEO. "We felt we had a good plan that would allow Mid-Atlantic to meet the higher capital standards that NCUA has said they will be requiring. We're very happy that our members felt so too."
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Peggy Bosma-LaMascus, president/CEO of Mid-Atlantic member Patriot FCU, was among those who pledged capital under the new membership agreement.
"Mid-Atlantic has been a solid business partner in the past, and, with their forward-thinking and innovative capitalization plan, we are confident they have strategically positioned themselves to succeed, while continuing to provide their member credit unions with critical payment system services," she said.
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