Southeast Corporate signs letter to merge with Corporate One
09/14/2011 11:16 am
Southeast Corporate Federal Credit Union has signed a letter of intent to merge with Corporate One Federal Credit Union, based in Columbus, Ohio. Southeast Corporate President/CEO Brad Miller says that Southeast Corporate was looking for a partner that will “protect and preserve member capital, maintain continuity of services, and create long-term value for members.” He added that “Corporate One allows us to ensure these objectives are met.” Southeast Corporate and Corporate One have national fields of membership, with primary footprints in the Southeast and Great Lakes regions, respectively.
Southeast Corporate has been a trusted partner with the League of Southeastern Credit Unions (LSCU) for years. LSCU President/CEO Patrick La Pine asked credit unions to take a wait and see attitude toward the merger in his President’s Point for eSignal
(Aug. 29). Now that a merge partner has been identified, La Pine believes credit unions should see what Corporate One offers.
“Corporate One is a highly capitalized corporate. They have a very similar structure and philosophy as Southeast, so credit unions would have a seamless transition. It’s important now to get a closer look at Corporate One’s services are and how they fit within each individual credit unions’ goals.”
Southeast and Corporate One will now begin to do a full system and financial review. Following the review, a merger plan will be submitted to the NCUA. If approved, the merger would go to Southeast Corporate’s membership for approval. Lee Butke, president/CEO of Corporate One, sees a natural fit between the two corporates.
“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.”
Southeast Corporate members were informed of the letter of intent through a webinar on Sept. 13. Miller says regional meetings will now be held for more dialogue on the proposed merger.