Press
Mid-Atlantic Corporate FCU Performs Well in 2012, Has Strong Start to 2013
Favorable financial numbers, new initiatives offer benefits to credit unions and their members
MIDDLETOWN, PA (May 29, 2013) Mid-Atlantic Corporate Federal Credit Union firmed its position as one of the nation’s strongest corporates in 2012, reporting net income of $13.56 million – a 124 percent increase over 2011. Year-end capital was $176.05 million, which included $167.65 million in tier-one capital. The Corporate’s assets were $3.22 billion, compared with $3.08 billion a year ago. Average assets were $3.43 billion, representing a $501.4 million increase over 2011. The Corporate’s merger in February 2012 with VACORP Federal Credit Union was partly responsible for the increase in assets, capital and net income.
“Mid-Atlantic Corporate is a safe and fiscally sound financial cooperative,” said Jay Murray, president/chief executive officer of Mid-Atlantic Corporate. “We exceed all four of the required capital ratios that ensure our Corporate is adequately prepared for the future.”
At year-end, Mid-Atlantic Corporate’s leverage ratio stood at 5.13 percent, 1.13 percent higher than the level mandated by the National Credit Union Administration (NCUA). The retained earnings ratio was 0.75 percent, which exceeds the 0.45 percent that will be required by October 2013. Further, the tier-one risk-weighted capital ratio was 20.84 percent, while the total risk-weighted capital ratio was 22.32 percent. Both ratios are significantly higher than the regulatory requirements of 4.00 percent and 8.00 percent, respectively.
Referencing the Corporate’s successes in 2012, Murray also mentioned several collaborative initiatives launched or in development. One such initiative, Rekindle, brings credit unions together to solve mutual back-office and other operational challenges. Rekindle was founded by a core group of Pennsylvania credit unions but has grown to also include credit unions in Delaware and Virginia. Two additional opportunities for credit unions to take advantage of their collective strength were developed through Mid-Atlantic Corporate’s wholly owned subsidiary, MY CU® Services:
- Cloud Services offers credit unions a secure, cloud-based service comprised of hosted email, virtual desktops, virtual servers, software as a service (SaaS), data backup, disaster recovery, managed firewalls and vendor connections; and
- Workplace Essentials, launched in early 2013, helps credit unions use the power of the “group buy” for business needs such as office supplies, furniture, break-room items, print materials, apparel and other items.
“Our success shows what can be achieved with the support and participation of our member-owner credit unions, a commitment to cooperative principles and a conservative financial approach,” Murray said. “We constantly search for ways to use our combined resources for credit unions’ and their members’ mutual benefit.”
On June 20, 2013, the Corporate will hold its annual meeting at the Sheraton Harrisburg-Hershey Hotel, where Murray will share additional insights on the 2012 performance.
For more information about the Corporate or its upcoming annual meeting and events, please visit www.midatlanticcorp.org.
About Mid-Atlantic Corporate Federal Credit Union
Mid-Atlantic Corporate Federal Credit Union and its members have been well-served by a conservative financial management approach. It is a federally chartered corporate credit union that provides quality investment, lending and payment services to a national field of membership. Mid-Atlantic Corporate serves CUSOs, leagues, chapters, and more than 800 credit unions. Services include ALM, ACH, share draft processing, electronic bill payment, remote image capture and more. For more information, visit www.midatlanticcorp.org.