ST. LOUIS – Missouri Corporate CU said its members have exceeded its capital call of $17.5 million, which will allow it to retain $20 million in perpetual contributed capital and return $2.6 million of the over-subscription to members.
“We are excited and pleased to refund the excess capital commitments to our members,” said Dennis DeGroodt, president of the $450-million corporate. “The support of our members was overwhelming and well beyond our expectations. It is unusual, especially for a corporate credit union, to return excess capital commitments but that’s exactly what we are doing. Right now, our members need the funds more than we do and we’re very pleased we can return it to them.”
Even with the refunds, Missouri Corporate said it remains adequately capitalized with a Leverage Ratio of 5.50%, a Tier-1 Risk Based Capital ratio of 114.3% and a Total Risk Based Capital Ratio of 151.9% (as of Sept. 27).
Missouri Corporate has 124 credit union members.
