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CU System
Corporate One restates 2008 earnings
COLUMBUS, Ohio (6/4/09)--Corporate One FCU has restated its original net income for 2008 from $21.6 million to an $18.2 million loss, according to its unaudited financial statements. Restated 2008 reserves and individual earnings are $85.2 million. The loss resulted from $39.6 million impairment charges on U.S. Central FCU capital investments made by Corporate One FCU, and $612,000 for Corporate One’s share of the National Credit Union Shared Insurance Fund stabilization expense. After the impairment charges, Corporate one said it has $34.3 million of membership capital shares remaining with U.S. Central. “We continue to evaluate the carrying over of this investment and may further adjust this balance, depending on the results of U.S. Central’s year-end audit, as well as any other additional charges that may result from continued deterioration of U.S. Central’s security holdings,” Corporate One said in its written statements. Corporate One also said it reversed bonuses of about $456,000 that accrued during 2008 but were not paid in 2009. The reversal was recorded effective Dec. 31, 2008. Corporate One’s net income for the four months ended April 30, 2009 totaled $5.9 million--a decrease of $2.9 million for the same period in 2008. The decrease is primarily due to a decrease in income due to a decline in interest rates year over year, the corporate said. The corporate’s regulatory capital ratio was 5.93% on April 30, which is “well in excess of the minimum regulatory level of 5%.”


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