First Corporate Credit Union has announced it has surpassed the minimum 4% capital that the NCUA requires starting in October.
“We are in the 5.85% range,” said Pete Pritts, CEO of Phoenix-based FirstCorp.
Pritts added that the 48-member corporate now anticipates that it will add new members.
“We had had many credit unions tell us, check back when you are capitalized. We are and we will,” said Pritts, who indicated that current members are from “the sand states.”
In light of recent news – especially surrounding the purported failure of United Resources (nee Western Bridge) – Pritts said FirstCorp has been fielding calls from Western Bridge members and he anticipated more will come in.
He stressed that FirstCorp – which has members ranging from below $1 million in assets to over $3 billion – structured a capitalization commitment designed to be affordable.
“It is a 50-basis-point commitment, capped at $1 million,” he said. Thus a $1 million credit union puts up $50,000 and any credit unions at $200 million and higher put in $1 million.
“We are ready to take on new members. We definitely are open for new business,” said Pritts.
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.
