News & Announcements

Corporate America, Louisiana Corporate Withdraw Merger Plans; Will Partner on Disaster Recovery/Business Continuity

Posted on September 18, 2012
 “We began the merger process more than a year ago; and while it was approved by both boards of directors and state regulators, it has remained pending at NCUA,” said David Savoie, President/CEO of LaCorp. “We feel it’s time to move on with key initiatives at each of our organizations. For example, LaCorp independently has raised capital and eliminated all U.S. Central dependencies, while also making sure we continue to do a good job of serving our members.”
 
Corporate America Interim President/CEO Dan Buckley noted that the shifts in the corporate landscape over the last year, including the impending closure of U.S. Central Federal Credit Union, make it important to go forward with independent plans rather than continuing to be in “merger limbo.”
 
“We’re focused on addressing the issues facing all corporates, such as full compliance with the revised corporate rules,” Buckley said. “Paramount for Corporate America is to ensure the strength, capabilities, and staff skill sets needed to serve credit unions in a new regulatory era.”
 
Buckley and Savoie said even without the merger, the two corporates will continue to collaborate on various projects, as they have for many years.
 
One project in process is enacting an agreement for LaCorp to partner with Corporate America for disaster recovery services. “It makes sense to work with Corporate America for business recovery and
continuity services,” Savoie said. “Our corporates have good proximity but are far enough away from each other to make it practical as a backup site.” 
 
Like Savoie, Buckley said Corporate America appreciates ongoing opportunities to collaborate. “The member credit unions of LaCorp understand the value their corporate adds to their business,” he said. “At Corporate America, we also recognize the value of partnering with LaCorp by leveraging our collective strengths in the delivery of products and services to our member owners.”   
 
 
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 About Corporate America Credit Union
Founded in 1982 and based in Irondale, Alabama, Corporate America Credit Union is a dedicated, not-for-profit financial cooperative with over 500 member credit unions. Corporate America provides a variety of correspondent programs, including ACH, item processing, remote deposit capture, credit and liquidity services. Our wholly owned subsidiaries include: SmartSource Solutions Inc., a provider of website design and development; Corporate Financial Solutions, Inc., offering investment advisory and ALM services; CU Compliance Group, Inc., providing auditing and compliance services and Corporate Investment Services, Inc., a securities brokerage service for credit unions. Corporate America also provides programs for card services and e-commerce solutions that our members can offer to their membership. For more information, call (800)292-6242 or visit www.corpam.org.
 
 
About Louisiana Corporate Credit Union
Louisiana Corporate offers a wide range of investment, liquidity, and correspondent financial services. Located in Metairie, La., LaCorp serves the investment, correspondent, and liquidity needs of more than 100 credit unions. The corporate was founded in 1984, and is a service-oriented financial partner for credit unions in Louisiana and other surrounding areas. For more information, visit www.lacorp.com.
 

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