COLUMBUS, Ohio — Corporate One FCU said this afternoon that members of Florida's Southeast Corporate FCU have approved the combination of the two, creating one of the biggest corporates in the country with $5 billion in assets.
The next step in the process is to obtain capital commitments from member credit unions. As of May 22, more than $59 million in capital has been committed toward the total goal of $75 million.
"Our members understand the merger with Corporate One is the last opportunity to preserve their capital and protect the credit union movement from further losses," said Brad Miller, CEO of the Tallahassee-based Southeast Corporate.
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, It will retain Southeast Corporate's Tallahassee offices as a branch.
The merger is the seventh corporate combination over the past years, whittling down the one-time network of 45 corporates to 15, with three corporate mergers pending.
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. In recent weeks Alloya Corporate has announced a deal to acquire CenCorp CU in Michigan, and Catalyst Corporate to merge with Arizona's FirstCorp.