Thursday, January 19, 2012 10:38:00 AM
COLUMBUS, Ohio, and TALLAHASSEE, Fla. – The boards of directors of Corporate One FCU and Southeast Corporate FCU announced Wednesday that they have signed a definitive merger agreement.
The two corporates announced their intent to merge on Sept. 13, after Southeast failed to reach its $80 million capitalization goal, and are in the process of submitting their formal application to the NCUA for approval. Another remaining step is a vote on the merger by members of the two corporates.
“Corporate One was chosen as a merger partner for many reasons, including its strong capital position, its strong earnings, its high operating efficiencies and its compatibility with Southeast Corporate’s existing product lines,” said Tim McMurry, Southeast Corporate’s Chairman of the Board and President/CEO of PowerNet Credit Union of Tampa, FL. “But most importantly, they were chosen due to their similar philosophy of being a member-centric organization focused on helping credit unions succeed.”
According to Lee Butke, President/CEO of Corporate One, “The combination of Southeast Corporate and Corporate One is a natural fit. This partnership provides for a financially stronger corporate, along with operational efficiencies that will create long-term value for both memberships. This is truly a winning combination.”
Butke and Miller said the merger plan and thorough due diligence process is beginning this week. “We expect to move through the process as quickly as possible,” said Miller. “We will have regional meetings with our members to discuss the benefits of this strategic partnership and our progress toward merger.”