COLUMBUS, Ohio – Corporate One FCU, which announced plans in September to combine with Florida-based Southeast Corporate FCU, said this afternoon the two corporates have signed a definitive merger pact.
The combination will create one of the biggest surviving corporates, serving about 1,000 credit unions and managing almost $8 billion in assets.
With the signing of the definitive merger agreement, the next step in the merger process is to submit the application to the NCUA later this month. Once the application is reviewed by the NCUA, a membership vote will occur to approve the merger and the official capital subscription process will begin.
The merger is one of seven corporate combinations in the works, including Pennsylvania’s Mid-Atlantic Corporate FCU with Virginia Corporate FCU; Treasure State Corporate CU in Montana with Kansas Corporate CU; Alabama’s Corporate America CU with Louisiana Corporate CU; Tennessee’s Volunteer Corporate CU with West Virginia Corporate FCU and of Southwest Corporate FCU with Georgia Corporate FCU.