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First Carolina Corporate Seeks Perpetual Capital From Members

First Carolina Corporate Credit Union announced today that it is now going to members to raise $60 - $75 million in Perpetual Contributed Capital, a "mandatory" onetime requirement.

By Robert McGarvey | Updated on February 17, 2011

First Carolina Corporate Credit Union announced today that it is now going to members to raise $60 – $75 million in Perpetual Contributed Capital, a “mandatory” onetime requirement for members.

David Brehmer, CEO of the corporate, added in a statement: “The objectives of the plan are three fold. It will allow us to maintain our current level of high quality products and member service. It will allow us to achieve a ‘well-capitalized’ status under the new regulatory requirements for capital. And it positions us to successfully operate as a value-added independent corporate within a restructured corporate network and under new regulatory guidelines.”

First Carolina is requesting members to return subscription agreements by April 29.

These actions follow on the heels of 12 town hall meetings for members held by First Carolina last fall. Brehmer indicated that feedback from members at the towns halls was positive and that they “seem eager to move ahead with the capitalization process.”

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