First Carolina Corporate Credit Union announced Friday it has raised $60.6 million through its Perpetual Contributed Capital subscription offering, an amount that falls into the $60 million to $75 million target specified by First Carolina in the capital restoration plan filed with the NCUA in January.
Some 134 member credit unions committed to capitalize First Carolina.
"Given the PCC raised and our estimated average assets, we expect to be in full compliance with NCUA's regulatory requirements for capital and net economic value well before the October 2011 deadline," First Carolina CEO David Brehmer said in a prepared statement.
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