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Southeast Corporate members approve merger with Corporate One FCU

May 23, 2012 -- COLUMBUS, Ohio -- Corporate One Federal Credit Union is pleased to announce Southeast Corporate Federal Credit Union members voted in favor of the merger between Southeast Corporate and Corporate One through mail ballots and votes cast at the Special Member Meeting held yesterday, May 22, 2012 at Southeast Corporate’s Tallahassee, FL office. The official vote was 146 in favor of the merger, and 2 opposed.

“With the difficulties of the economic crisis behind us, Southeast Corporate members are ready to move toward a brighter future, as indicated by their vote of approval on the merger with Corporate One,” said Southeast Corporate President/CEO Brad Miller. “Our members understand the merger with Corporate One is the last opportunity to preserve their capital and protect the credit union movement from further losses; thankfully, it’s also a tremendous opportunity for them to become a part of one of our industry’s most financially competent and progressive corporates.”

With the membership vote on the merger now finalized, the next and final step in the merger process is the capital raise, which has been met with much success. As of May 22, 2012, more than $59 million in capital has been committed toward the total goal of $75 million.

“The members of Southeast Corporate have been very supportive of the merger throughout the entire process, and we are pleased to have received their official seal of approval,” said Corporate One President/CEO Lee Butke. “With the great progress we’ve made thus far in the capital raise, we anticipate we’ll successfully meet our goal. However, we need those final capital dollars to ensure the merger is sound from a financial standpoint, and we’ll continue to work diligently to earn every last commitment. Corporate One is a strong, stable corporate and we want the Southeast Corporate members supporting the merger through their capital commitments to feel comfortable with their decision to do so.”