Southeast Corporate Fails In Recap

TALLAHASEE, Fla. – Southeast Corporate FCU announced this afternoon it has failed to raise its goal of $80 million in new capital and will seek a merger instead.

“We appreciate the many members who supported our efforts with capital commitments and also thank every member for giving their time and consideration to Southeast Corporate during this process. We all knew the challenges facing the corporate system, Southeast Corporate specifically, were significant,” Brad Miller, president of the $2.2 billion corporate, said in a statement.

“While there is uncertainty in any alternative, our objectives in a merger remain the same as they were for recapitalization – protecting and preserving member capital, maintaining continuity of service, and creating long-term value for members,” said Miller.