Archived Video Testimonials
Joe Pitcher, CEO Coral Community FCU

Value of Ownership Value of Ownership Document

NCUA Corporate Credit Union Presentations Track 1 - Background and Overview: How It All Started Discusses the history of corporate credit unions and the services they have provided to consumer credit unions for the past forty years. Track 2 - Financial Crisis: The Impact Provides a description of the events that led several corporate credit unions to discover severely distressed assets on their balance sheets, and the resulting impact on consumer credit unions. Track 3 - Stabilizing the System Describes the actions that NCUA has taken thus far to help stabilize the corporate credit unions.

YES, We Need Our Corporates!

"I believe Southeast Corporate has the best plan for the future and will be advising my board to proceed with recapitalizing. We conducted a lengthy review, which included site visits and considered other providers, but in the final analysis, the current savings, mostly in opportunity cost which probably won’t hold up over time, were not sufficient to offset the uncertainty of service from a new corporate or other provider and the perils of a conversion.

We receive outstanding service from Southeast Corporate, which allows us to concentrate, without distraction, on our core mission of serving our members. That is also a deciding factor. In my 30 plus years as a credit union president/CEO, I have learned to highly value tangible, outstanding customer service and to discount favorable projections since they often don’t come true."

~ Arthur J. Wood, III, President/CEO, Railroad & Industrial Federal Credit Union

"We depend on Southeast Corporate for share draft processing, liquidity needs, ALM support and investment options. Yes, we could get these services elsewhere, but keeping within the system gives us a level of trust and confidence we feel is not available from vendors whose sole purpose is for profit."

~ Bob Beskovoyne, CEO, Martin FCU of Orlando, FL

"As a manager of a small "traditional" credit union, our relationship with our corporate, Southeast Corporate is multifaceted. With the services they offer, we are able to compete in the financial world to help our membership. Most small credit unions would not be able to receive services such as ACH, wire and share draft services, investment services, deposit processing services and international service elsewhere, which is what the whole credit union movement is about."

~ Nanette Collette, Manager, Pompano Beach Employees CU of Pompano Beach, FL

"At our Board Meeting last week, Magnolia FCU made the decision to do our part to recapitalize Southeast Corporate.  We’ve looked at their business plan and provided they can get the necessary capital commitments, we believe it is a workable one.  Furthermore, we are committed to utilizing the services that they plan to provide, wherever possible, in order to insure that their plan is successful.

 

Southeast Corporate has been a great business partner to our credit union and we are hopeful that there will be sufficient support within their membership to allow them to put this business plan into action.

 

I know that many of you are anxious to hear what other credit unions have decided to do in this matter, so I felt it important to let our decision be known."

 

~ Stephen E. Pollman, Jr., President/CEO, Magnolia Federal Credit Union. "