ALEXANDRIA, Va. – The NCUA Board this morning approved the combination of Ohio’s Corporate One FCU with Florida’s Southeast Corporate FCU, the fifth corporate merger over the past few months, whittling down the number of corporates to 15.
The merger will create the biggest surviving corporate with almost $5 billion in assets and serving more than 1,100 credit unions nationwide out of Corporate One’s Columbus, Ohio, headquarters, according to Lee Butke, president of Corporate One. It will retain Southeast Corporate’s Tallahassee offices as a branch.
The next step in the merger process is to obtain definitive commitments of capital from members of the two corporates, Butke told the Credit Union Journal.
“As we proceed with the merger plans, it becomes increasingly evident that this merger will create a combined organization that will be highly efficient and financially strong, with an enhanced ability to serve our combined membership bases and credit unions across the country," said Butke
In recent months NCUA has approved the combinations of: Southwest Corporate with Georgia Corporate; Mid-Atlantic Corporate with Virginia Corporate; Volunteer Corporate with West Virginia Corporate and Montana’s Treasure State Corporate with Kansas Corporate. A proposed merger of Alabama’s Corporate America CU and Louisiana Corporate CU is still pending.
The shakeout of the corporate landscape has also included the dissolution of U.S. Central FCU, WesCorp FCU and Constitution FCU.
