Jan. 18, 2012 –– The boards of directors of Corporate One Federal Credit Union and Southeast Corporate Federal Credit Union announced today that they have signed a Definitive Merger Agreement. For companies looking to merge, this is an important step, as it is this Agreement that governs the terms and conditions that binds the organizations together, and it formalizes many of the merger details. Corporate One and Southeast Corporate announced their intent to merge on September 13, 2011 and are in the process of submitting their formal application to the NCUA for approval.
“As we drafted the Definitive Merger Agreement, our number one goal continues to be the preservation of the collective $63 million in member capital shares (MCS) held by members at Southeast, said Brad Miller, president and CEO of Southeast Corporate. “With the Definitive Merger Agreement now completed and signed, it is increasingly clear that choosing Corporate One was the best choice for Southeast members. Once the merger is approved by the NCUA and voted on by members, we can look forward to a smooth merger with Corporate One.”
“Having the Definitive Merger Agreement completed and signed is a great milestone in the merger process between Corporate One and Southeast,” added Lee Butke, president and CEO of Corporate One. “During the process of creating the Agreement and getting into more of the specifics of the merger, we’ve confirmed that this merger is going to bring great efficiencies to both our organizations and allow us to enhance the value of our members/owners investment in their corporate.”
With the signing of the Definitive Merger Agreement, the next step in the merger process is to submit the application to the NCUA sometime in January. Once the application is reviewed by the NCUA, a membership vote will occur to approve the merger and the official capital subscription process will begin.