Southeast Corporate FCU To Tap Members For $80 Million Recap
TALLAHASSEE, Fla. – Southeast Corporate FCU announced this morning its recapitalization plan has been cleared by NCUA and it plans to begin soliciting members for $80 million in perpetual contributed capital on Wednesday.
Jeanne Kucey, president of JetStream FCU in Miami Lakes, Florida, said her board had several reasons for supporting Southeast in its recapitalization. “It’s our best opportunity to preserve current capital. There will be no disruption of services or member inconvenience, and it allows for maintaining an effective and cost efficient single source for payment, settlement and liquidity services,” said Kucey.
The $4 billion corporate is the latest of half-dozen large corporates to embark on recapitalizations, including WesCorp FCU (now known as United Resources FCU), Members United Corporate FCU (now Alloya Corporate FCU), Southwest Corporate FCU (to be known as Catalyst Corporate FCU after a merger with Georgia Corporate FCU), among others.
Southeast, which serves 400 credit unions, said the subscription period for the new capital will last 90 days.