SE Corp Recap Fails, Plans to Merge
Southeast Corporate told CU Times that it didn't reach its $80 million capitalization goal. The corporate will seek a merger partner.
“We appreciate the many members who supported our efforts ... We all knew the challenges facing the corporate system, and Southeast Corporate specifically, were significant,” Brad Miller, CEO of Southeast Corporate, said in a statement.
“[O]ur objectives in a merger remain...protecting and preserving member capital, maintaining continuity of service, and creating long-term value for members.”