MCFCUMichigan Columbus Federal Credit Union (est. 1947; Livonia, MI)
MCFCUMedina County Federal Credit Union
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While the integration challenges remain, which will be closely monitored, Fitch has become more comfortable with the capitalization of the resultant company given Mid-States plan to strengthen its capital cushion by issuing up to $250 mln of Paid-In-Capital (PIC) over the next five years and the added caution management is employing in the execution of their plans for integrating MCFCU.
At the same time, Fitch recognizes the prospects for capital ratio declines at the merged entity relative to Mid-States, as well as heightened uncertainty with the introduction of integration risk, particularly as the size of MCFCU represents nearly 20% of proforma assets.
The Rating Watch Evolving for MCFCU reflects the possible outcomes resulting from various potential scenarios.