Southeast Corporate Credit Union plans to seek to merge withanother corporate now that its capital drive has fallen short of an$80 million goal, the Tallahassee, Fla., institution saidFriday.

“We appreciate the many members who supported our efforts with capital commitments and also thank everymember for giving their time and consideration to SoutheastCorporate during this process. We all knew the challenges facingthe corporate system, and Southeast Corporate specifically, weresignificant,” Southeast Corporate CEO Brad Miller said in astatement.

Miller continued, “While there is uncertainty in anyalternative, our objectives in a merger remain the same as they were forrecapitalization – protecting and preserving member capital,maintaining continuity of service, and creating long-term value formembers.”

Miller indicated that Southeast has narrowed the field of mergercandidates to a few possibilities and that an announcement as towhich one has been selected will be made shortly.

Any merger is subject to NCUA approval, as well as approval bymemberships of the involved corporates.

Southeast presently serves around 400 members.