Missouri Corporate Credit Union has announced its board has voted to refund $2.6 million in excess capital commitments.
This comes on the heels of the corporate's successful pursuit of a $17.5 million capital drive. All in, member credit unions had pledged $22.6 million. At a Sept. 22 meeting the Missouri Corporate board voted to cap the money drive and refund $2.6 million to current members.
In a statement, Missouri Corporate CEO Dennis DeGroodt said, "The support of our members was overwhelming and beyond expectations. It is unusual, especially for a corporate credit union, to return excess capital but that's exactly what we are doing. Right now, our members need the funds more than we do."
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