Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.
Other Resources

RSS print
News Now LiveWire
.@BankOnMo hits the gas with social contest at Mo. #creditunions https://t.co/dxfkgq5xDv
21 minutes ago
#NewsNow: Balance needed between 'safety and soundess' and credit availability @CUNA tells @FHFA http://t.co/jAI6sJ3Poo
51 minutes ago
#NewsNow No stretch for CU to loan to fledgling yoga studio http://t.co/4ryQisBtW1
1 hours ago
.@CUNA's Pierce: Every dollar a CU spends on complying with a regulation is a dollar that is not spent to the benefit of its membership.
2 hours ago
(2of2)...that incentive structure for CUs and banks is quite different, and regulatory structure should reflect those differences."
2 hours ago