From the CEO
November 30, 2011
I recently met with more than 100 of Southeast Corporate’s credit union members during a Town Hall series co-hosted by Southeast Corporate President Brad Miller. During the eight Town Halls that ended last week in Jacksonville, Florida and were held throughout Mississippi, Florida and Alabama, Brad and I presented the vision for what a merger between our two corporates would establish: the strongest corporate in the nation.
What others are saying...
From Dennis Dollar, principal partner of Dollar Associates, LLC
“…from my fairly unique position as a credit union consultant, a former member of Southeast Corporate and one with regulatory experience providing me with a solid working knowledge of the corporate system… I commend you on your decision and believe this is an outstanding merger plan.”
From Tom Dorety, president and CEO of Suncoast Schools FCU
“We appreciate the dedication and diligence of Southeast Corporate’s Board and management in selecting a merger partner that we believe is truly in the members’ best interest.”
From Raffael Crockett, president and CEO of Brightstar Credit Union
“I believe the selection to join forces with Corporate One Federal Credit Union will help to protect our member capital shares remaining with Southeast… Corporate One’s capital structure is strong and revered.”
Read more letters of support
As discussed during the Town Halls, the merged organization would effectively and efficiently serve members well into the future thanks to a very strong capital position, both in terms of ratios and actual dollars. It will be a “well” (not marginally) capitalized institution, meeting the required permanent leverage ratios today and exceeding all long-term capital ratios under the new rule. Further, a combined balance sheet, which will be of sufficient size, will provide much needed liquidity to the credit union system.
Most importantly to the members of Corporate One, the merger will create a more efficient and effective provider of payment system solutions as well as a corporate that is better able to meet their needs well into the future. As far as for Southeast’s more than 400 members, the merger preserves their capital, and while doing so, helps our industry to avoid any further losses. What I heard from the Town Hall attendees is a huge sense of relief that a merger between Southeast Corporate and Corporate One will preserve their existing capital, and provide real value to them for their ownership investment. And, as you can see from the testimonials posted here, the merger is garnering great support.
As I’ve stated before, the merger plan and thorough due diligence process is continuing. We expect to move through the process as quickly and diligently as possible. We have completed the regional Town Hall meetings and are now focusing on functions and processes such as system integration and ensuring service continuity to the members. Once all that is completed, we will finalize our merger application to the NCUA.
I will continue to communicate with you each step of the way. It’s important to me and Corporate One’s Board and Management that you, our members, are informed of our progress, and comfortable with it. Please do not hesitate to contact me at firstname.lastname@example.org with any questions.
Lee C. Butke
Lee Butke can be reached at 866/MyCorp1, ext. 9300 or at email@example.com.