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News Now

CU System
Mid-Atlantic Corporate reaffirms strength
HARRISBURG, Pa. (3/24/09)--Mid-Atlantic Corporate FCU says the investments it holds with U.S. Central FCU "have continued to earn dividends, and we plan on holding them to maturity." The Middletown, Pa.-based corporate made the statement in a fax broadcast to its members Friday after the National Credit Union Administration announced it had placed U.S. Central and Western Corporate FCU (WesCorp) into conservatorship (Life is a Highway March 24). The corporate noted the deposits are guaranteed under NCUA's extended guarantee of corporate deposits. "Mid-Atlantic Corporate will maintain our normal practices of analyzing and evaluating portfolio valuation and risk, and the corporate will continue to look to various investment sources as our U.S. Central investments mature." Mid-Atlantic had moved toward greater diversification in its portfolio the past year and has not invested directly in retail mortgage backed securities, collateralized debt obligations or specialized investment vehicles. "We have no direct risk with these types of securities because we do not hold them in our portfolio," the statement said. "Our operations are not directly affected by these announcements," it said, noting it remains "a safe and sound institution that is perfectly positioned to meet our members' liquidity and investment needs."


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