GREENSBORO, N.C. – First Carolina Corporate CU said this morning it raised $60 million in new Perpetual Contributed Capital, the latest corporate to complete a successful recapitalization.
The $1.7 billion First Carolina Corporate said the new offering will enable it to meet NCUA’s new 4% net capital requirement and allow it to move ahead. The recap follows the recent announcements by EasCorp FCU and Corporate Central CU they had completed new capital offerings and reached NCUA’s minimum capital threshold.
“Given the PCC raised and our estimated average assets, we expect to be in full compliance with NCUA’s regulatory requirements for capital and net economic value well before the October 2011 deadline,” said David Brehmer, presidentof First Carolina. “It’s a strong sign that our members want First Carolina to be their corporate credit union into the future.”
First Carolina had set a target of raising $60 million-$75 million in PCC and, thus far, has received confirmation from 134 member credit unions that their recapitalizations were approved by their boards. Of the amount committed, $39.1 million represents new capital investments and $21.5 million signifies conversions of existing membership capital share deposits.
