PHOENIX – First Corporate Credit Union (FirstCorp) said it now has a leverage ratio of nearly 6%, well above the minimum regulatory requirement of 4%.
FirstCorp members converted membership capital to the newly defined Perpetual Contributed Capital, and over subscribed to FirstCorp’s Non-perpetual Contributed Capital issuance of transitional capital, which emulates a 5-year CD. FirstCorp said this demonstrates member confidence in the $1 billion corporate.
“The members have spoken and have finally been able to act and exercise their free choice. We are pleased and incredibly proud that they have decided to move forward with us. We are appreciative of the confidence the membership has placed in us to keep getting it done,” said Pete Pritts, FirstCorp’s president and CEO.
