When U.S. Central's $1.2 billion January losses prompted an NCUA bailout, Eastern Corporate Credit Union tabulated a worst-case, total loss scenario at U.S. Central and quickly realized it needed more capital.
EasCorp successfully raised $17.7 million in Perpetual Paid-In Capital II, but according to Director John Young, a PIC subscription wasn't originally on elected officials' radars.
"Understanding the state of the financial industry, it was not a consideration that was talked about much or honestly even considered in the context of capital accumulation," he said.
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