The $1.9 billion Corporate Central Credit Union announced yesterday it has raised $50 million worth of Tier-One capital from members, raising its core capital ratio to nearly 4%.
Additionally, the Muskego, Wis.-based corporate said it is on pace to report 1% retained earnings by Sept. 30. That's well ahead of the NCUA's proposed retained earnings requirement, identified by many corporates as one that could be tough to meet.
According to May 5310 call reports, Corporate Central was well above current required capital levels, with a total capital ratio of 8.79%, core capital of 3.42%, and a 0.87% retained earnings ratio. The corporate carries no unrealized losses; rather, it bucks the overall corporate trend with $3.25 million in accumulated gains.
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"Much has been discussed in the movement about the forthcoming 'Legacy Asset Plan,' the appropriate business model for corporate credit unions, and natural person credit unions' unwillingness to recapitalize corporates," President/CEO Robert Fouch said in a release. "Because of our members' unwavering support and our overall portfolio strength, many of the 'unknowns' for some are 'known' for us."
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