First Carolina Corporate CU Completes $65 Million Recap

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GREENSBORO, N.C. – First Carolina Corporate CU said yesterday it raised $65 million in new perpetual contributed capital, enough to attain NCUA’s new minimum capital standards.

The $1.7 billion corporate said 142 credit unions participated in the capital call.

First Carolina’s Capital Restoration Plan was submitted to the NCUA in January, and called for both new capital and conversion of existing membership capital share deposits (MCSD). With its funding in place, First Carolina will meet NCUA’s October 2011 deadline for capital and net- income requirements.

The corporate says it is continuing to accept additional capital commitments.


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