Corporate America Credit Union – which claims member-owners in 32 states – has announced that it already has accumulated enough capital to boast a 4.13% capital ratio, above the NCUA requirements for an adequately capitalized corporate.
How it achieved that is the surprise, however, said CEO Thomas Bonds: "We do not require capital from members. That has always struck me as wrong."
Bonds said in an interview that the Irondale, Ala. corporate now has about 500 members and "about half have agreed to voluntarily to put in capital."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
