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News Now

CU System
CORRECTION W. Va. Corporate meets today to discuss losses
PARKERSBURG, W. Va. (2/19/10)--(News Now's original story had several errors. This story is the corrected version. News Now regrets the errors.) West Virginia Corporate CU will have a special informational membership meeting today in Charleston, W.Va., to discuss the National Credit Union Administration’s proposal for a rewrite of regulations for corporate credit unions and to provide an update on the corporate’s capital position. The meeting will be led by Board Chair Tom Brewer and CEO Charles Thomas, according to the corporate’s website. The corporate has released its unaudited financials as of Dec. 31, indicating a $10 million loss for 2009, compared with a $2.3 million loss in 2008. The corporate experienced a $11.3 million loss in capital held in U.S. Central FCU, with $1.1 million of U.S. Central member capital shares still on its balance sheet in December. All of its U.S. Central paid-in-capital was depleted. Net income for December was $22,000 compared with a loss of $2.9 million the year before. West Virginia Corporate CU, based in Parkersburg, W.Va., has $245 million in assets.
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