Mid-Atlantic Corporate Federal Credit Union, one of the healthier corporates undergoing recapitalization, assured its members and the public of its viability Monday, stressing it "can continue to successfully serve our member credit unions."
In a statement distributed to the media and the Pennsylvania Credit Union Association, Jay Murray, president/CEO, said: "While some corporate credit unions are still suffering the lingering effects of the economic crisis, Mid-Atlantic Corporate is stable and fiscally sound. Thanks to our member credit unions' capital commitments and a great deal of planning, we are well-positioned for the future."
Murray said his staff "will thoroughly review the new corporate rules this week and the resulting impact on corporates and credit unions, and will share its analysis with members as soon as possible."
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In briefly mentioning NCUA rules, the head of the Middletown, Pa.-based corporate said also that "while in some places the regulation may be more restrictive than beneficial, overall, we believe it creates a framework within which Mid-Atlantic Corporate" can continue to service CUs.
In anticipation of the new regulation, Mid-Atlantic, he said, has already instituted a new capital program and has received capital commitments from 650 credit unions for a total of $120 million.
"As a result of our capital program and members' support, Mid-Atlantic Corporate is stable, fiscally sound and well-positioned for the future," he concluded.
Mid-Atlantic, Murray added, "has no relationship with the three corporates taken over by NCUA on Sept. 24 and we can't comment on their financial status."
Mid-Atlantic, he said, also lessened its dependence on the conserved U.S. Central 18 months ago "and has no at-risk investments there."
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