VolCorp, First Carolina Report Exceeding Goals For Perpetual Capital
NASHVILLE, Tenn. -Volunteer Corporate CU reported it has exceeded its $43.9 million goal for perpetual contributed capital (PPC). VolCorp said the $43.9-million goal was determined as part of its strategic plan in order to continue its current business model and not have to shrink assets, discontinue any services or raise member prices.
VolCorp stressed it has not depleted any member contributed capital; it asked members only to convert what they already had in their membership capital accounts. VolCorp will continue to receive PCC commitments and build its capital base even further. That will include adding new members.
VolCorp is currently involved in a potential merger with West Virginia Corporate FCU. That agreement calls for VolCorp to be the surviving corporate while maintaining offices in both Nashville and Parkersburg, W.V.
Meanwhile, in Greensboro, N.C., First Carolina Corporate CU said it has fully funded its perpetual contributed capital (PCC) program. At presstime, 142 member CUs had subscribed to the Corporate's capital offering, totaling nearly $65 million.
First Carolina's Capital Restoration Plan was submitted to the NCUA in January, and called for both new capital and conversion of existing membership capital share deposits (MCSD). With its funding in place, First Carolina, which continues to accept PCC commitments, said it will meet NCUA's October 2011 deadline for capital and net- income requirements.