MUSKEGO, Wis. – Buffeted by losses on their U.S. Central FCU capital, Corporate Central CU said Friday it raised $47.4 million in new paid-in-capital.
The $2.3 billion corporate said the effort fell short of its original goal of $60 million but still pushes its core capital back above the regulatory minimum of 2%.
The capital raising is the latest among corporates who have had their own capital reduced by the trickle-down of losses at U.S. Central, which has erased all of their U.S. Central PIC and 63% of their membership capital shares at U.S. Central.
In recent months, Corporate America CU raised $27 million in new capital and EasCorp FCU more than $6 million from their members.
Corporate Central said 155 of its 450 credit union members bought into the PIC offering.
