Provided the NCUA releases its final corporate rule in September, the $1.4 billion Virginia Corporate FCU will add a session to its Oct. 13 Financial Strategies Conference in which it will unveil its new business plan.
President/CEO Don Chapman said it's too early to know if the business plan topic will increase attendance. So far, response has been on par with previous years, around 80.
The critical component of VACORP's business plan will be the willingness of members to convert existing membership capital accounts to perpetual contributed capital. The Lynchburg, Va.-based corporate needs a PCC conversion commitment of approximately $16 million to meet a Tier 1 risk-based capital ratio of 4%.
VACORP has realized six months of modest net income, Chapman wrote in a letter to members, and the corporate believes it meets regulatory benchmarks without requesting additional capital.
–handerson@cutimes.com
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