The Southeast Corner

Corporate One's 2011 Audited Financial Statements & Annual Report
We are pleased to provide Corporate One’s 2011 audited financial statements and Annual Report for your review. Corporate One is proud to receive an unqualified opinion from auditors, Crowe Horwath LLP ... Read more
Merger Update: Action Required Before May 31, 2012
Southeast Corporate members have less than 60 days to execute and return the capital subscription documents for Perpetual Contributed Capital (PCC) in Corporate One, which is necessary for the merger to take place. ... Read more
Southeast Corporate-Corporate One Merger Update
March 28, 2012: Recently, Southeast Corporate and Corporate One concluded another series of roundtable meetings to discuss the proposed merger and the 90 day capital subscription period currently in place through May 31, 2012. As we have communicated, within the next 60 days, Southeast must obtain $75 million ... Read more

NCUA Approves Corporate One, Southeast Corporate Merger
February 16, 2012: Ohio based - Corporate One Federal Credit Union and Florida based - Southeast Corporate Federal Credit Union announced that the National Credit Union Administration (NCUA) approved their merger plan at a closed-door NCUA Board meeting today. The approval from the NCUA is the latest step in the merger process for the two corporates. ... Read more

Southeast Corporate and Corporate One to Offer Fundtech's ACH Platform
Corporate One Federal Credit Union announced today it has executed an agreement to offer upgraded ACH services for ACH Receipt and Origination transactions to the nearly 1200 members served by Corporate One and Southeast Corporate using Fundtech’s PAYplus® ACH and CASHplus® platforms. ... Read more

Southeast Corporate-Corporate One Sign Definitive Merger Agreement
The boards of directors of Corporate One Federal Credit Union and Southeast Corporate Federal Credit Union announced today that they have signed the official Definitive Merger Agreement. ... Read more
Update: NCUA’s Wind Down of Payments Operations at U.S. Central
On Thursday, December 22, the National Credit Union Administration (NCUA) announced that they have chosen to unwind the payments operations area (APEX-ACH and national settlement) of U.S. Central Federal Credit Union, the wholesale credit union utilized by the corporate credit union network. ... Read more

CU Executive's Comment on Merger with Corporate One
As we continue to work diligently toward our merger with Corporate One Federal Credit Union, we are pleased to share with you some of the letters of encouragement and support we’ve received from members and industry leaders.

Gulf Winds FCU, Chris Rutledge, President/CEO
"Gulf Winds Federal Credit Union strongly supports the merger of Southeast Corporate and Corporate One and will commit capital at the Partner level under Corporate One's capitalization methodology." ... Read more

UT FCU, Debbie Jones, President/CEO
"I have had the privilege of serving as an official of Southeast Corporate Federal Credit Union since 2007, first as Chair of the Supervisory Committee and the last several years as Secretary of the Board. ... Part of me is sad to see what we have built together being consolidated with another corporate credit union, however another part of me is very excited about the prospects of being part of a larger, better capitalized, more diversified, and stronger corporate that will positively impact our collective future."... Read more

Memorial Employees FCU, George Glasser, CEO,
"Memorial Employees FCU will convert its existing membership capital to permanent capital at Corporate One. We believe that converting our existing capital is the best opportunity to preserve it, support the corporate credit union movement and thus the industry’s independence, and be able to benefit from the same level of service we enjoyed at Southeast in the new merged entity.”

Space Coast CU, Tom Baldwin, Executive Vice President and CFO
"After discussion with the leaders of Southeast Corporate and Corporate One, it became evident to me that this merger, which will require us all to convert our existing Member Capital Shares (MCS) in Southeast to Corporate One in the form of PCC is the only way to protect our remaining investment in Southeast Corporate." ... Read more

Magnolia CU, Stephen Pollman, Jr., President and CEO
"I believe that Southeast Corporate has found an excellent merger partner in Corporate One. To that end, we signed the non-binding letter of commitment and in our most recent Board meeting I recommended to our Board of Directors that we support the merger of Southeast Corporate and Corporate One." ... Read more

Army Aviation Center FCU, Jim Mitchell President and CEO
"The management and board of Army Aviation Center Federal Credit Union unanimously support this decision and have agreed to convert our membership capital in Southeast Corporate to perpetual capital in Corporate One." ... Read more

Southeast Corporate Signs Letter of Intent to Merge with Corporate One
Southeast Corporate FCU announced today it has signed a letter of intent to merge with Corporate One FCU based in Columbus, Ohio. Southeast and Corporate One both have national fields of membership, with primary footprints ... Read More
Southeast Corporate won't Recapitalize; Moves to Alternative Merger Plan
"Southeast Corporate FCU announced that its capital commitments received fell short of the $80 million goal necessary to operate as a stand-alone corporate. As a result ... Read More

The Southeast Corner

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