Thursday was the last day members of the $1.6 billion SoutheastCorporate Federal Credit Union members could contribute PerpetualContributed Capital in advance of a planned merger with the $3.7 billion Corporate One Federal CreditUnion.
Members of the Tallahassee, Fla.-based corporate must convert orraise $75 million worth of PCC to fulfill their end of the mergerdeal.
According to a merger update posted on Southeast Corporate'swebsite, credit unions are required to convert existing MemberCapital Shares, and purchase additional PCC if necessary, to meet arequirement of 0.9% of assets.
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