The NCUA board, meeting behind closed doors, approved Thursdaythe merger of Corporate One with Southeast Corporate, according toa statement jointly issued by the corporates.

In that statement, the corporates reviewed the history of theirmerger effort: “On September 13, 2011 the corporates signed aletter of intent to merge, and on January 18, 2012, the corporatessigned a definitive merger agreement, which governs the terms andconditions that binds the organizations together, and formalizesmany of the merger details.”

The next step, per Lee Butke, CEO of Columbus, Ohio-basedCorporate One, is a capital raise from present Southeast memberswho decide to continue with the merged entity. According to Butke,Southeast members will get information about the capital drive,along with a ballot to vote on the merger, within the next 10days.

Butke emphasized that, per the plan submitted to the NCUA, postmerger Corporate One will continue to operate present Southeastoffices in Tallahassee and Jacksonville, Fla. “We believe that isthe right thing to do,” said Butke in an interview. “Our aim is tomake the transition smooth for Southeast members.”

In the prepared statement, Southeast Corporate CEO Brad Millersaid. “From the beginning, it was critical to find a merger partnerthat fulfilled three guiding principles: protection of membercapital, continuity of services and creating long-term value forour members. We've found that partnership with Corporate One. Our members are excited about the new potentialwe have as a stronger, combined organization. Without a doubt, thismerger is a great opportunity for our members and we are anxious tobring the merger to a conclusion.”

Butkeadded that, after the merger is consummated, he expectedCorporate One to have in excess of a quarter of a billion dollarsin capital, between the PCC and retained earnings on the books.

“This will be a power-packed corporate that will be prepared tohelp its members grow,” he said.