Southeast Corporate Federal Credit Union members have approved merging it into Corporate One Federal Credit Union and now all that remains is raising the money.
The consolidation was given final approval by a count of 146-2 on Wednesday by a mail vote and ballots cast at a special member meeting at the Southeast Corporate’s office in Tallahassee, Fla., the corporates said.
"Our members understand the merger with Corporate One is the last opportunity to preserve their capital and protect the credit union movement from further losses; thankfully, it's also a tremendous opportunity for them to become a part of one of our industry's most financially competent and progressive corporates," said Southeast Corporate President/CEO Brad Miller.
Lee Butke, president/CEO of the $4.2 billion, 700-member Corporate One in Columbus, Ohio, said, "The members of Southeast Corporate have been very supportive of the merger throughout the entire process, and we are pleased to have received their official seal of approval."
The NCUA approved the merger in February. The corporates said the final step is meeting the capitalization goal of $75 million. More than $59 million has been committed so far, they said.
"With the great progress we've made thus far in the capital raise, we anticipate we'll successfully meet our goal. However, we need those final capital dollars to ensure the merger is sound from a financial standpoint, and we'll continue to work diligently to earn every last commitment,” Butke said.