Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Corporate One reports loss in first-half 2009
COLUMBUS, Ohio (7/31/09)--Corporate One FCU Wednesday reported an $8.2 million first-half 2009 net loss in income. The corporate said the loss stems mostly from impairment charges taken in May 2009 on mortgage-backed securities. The loss is before the net recovery of the National Credit Union Shared Insurance Fund (NCUSIF) deposit and premium assessment. The estimated impairment loss of $17.1 million represents the estimated credit loss on 30 of its mortgage related securities, the corporate said. The Columbus, Ohio-based corporate said its net income loss is a decrease of $21 million from the same period in 2008. Corporate One had losses at mid-year of $332.1 million on its total book value of $4.132 billion of securities. Roughly $222 million--or two thirds of that loss--are attributable to mortgage-backed securities. However, the corporate is reporting a positive budget variance in net income of $1.7 million for June 30, 2009, year-to-date before other-than-temporary impairment charges and the net recovery of the NCUSIF deposit and premium assessment. Also, net interest income was about $628,000 greater than budget for the first-half 2009. For more information, use the link.
Other Resources

RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
7 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
9 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
11 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
11 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
11 hours ago