Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Members United Corporate records more losses in July
WARRENVILLE, Ill. (8/30/10)--Members United Corporate FCU reported $8 million in additional other-than-temporary-losses as of July 31, creating a $4.6 million loss for the month and nearly $11.2 million in losses year to date. That leaves the Warrenville, Ill.-based corporate's with retained earnings totaling $3.9 million as of July 31. However, the corporate is seeing improving OTTI loss projections and said it expects to retain favorable net interest income relative to budget for the remainder of 2010. Its unaudited financial report as of July 31, is on the corporate's website. (Use the link). A retained earnings balance of $9.6 million was sufficient to absorb the OTTI monthly loss, and no additional capital depletions in were necessary, said the $8.9 billion asset corporate. Assets for the month a year ago totaled $8.7 billion. Regulatory capital, consisting of retained earnings and membership capital shares, totaled $18.4 million, compared with $200.5 million in July 2009. Losses the past 12 months have depleted $79.4 million of paid-in capital and $460.1 million of membership capital shares, leaving $14.6 million in qualifying membership capital shares as of July 31. Members United holds 464 separate investment positions totaling $4.7 billion in par. Roughly $610 million in OTTI has been recorded on 169 positions totaling $2.2 billion in par amount (on average 25%). No OTTI has been recorded on the other 295 positions that aggregate $2.5 billion in par. The next OTTI investment review will be based on data as of Sept. 30, and is scheduled to be recorded in the financial statements as of Oct. 31. The October results will then be reported in November. Depletion of capital shares, if required, would occur as of Nov. 30, the corporate said.


RSS





print
News Now LiveWire
National #LouiseHerring awards for #creditunion philosophy in action selected #NewsNow http://t.co/two4z5lBAU
5 minutes ago
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
17 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
18 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
18 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
18 hours ago