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Mid-Atlantic Corporate solidly positioned says letter
MIDDLETOWN, Pa. (8/13/08)--Mid-Atlantic Corporate FCU remains “as solidly positioned as ever,” wrote President/CEO Jay Murray Monday in a letter to members. Murray’s letter was written in response to a Wall Street Journal article that reported the market’s impact on corporate credit unions and their central bank, U.S. Central. As of May 31, five corporate credit unions reported $5.7 billion in unrealized losses. The paper didn’t mention Mid-Atlantic by name (The Wall Street Journal Aug. 11). “Certainly no financial institution is untouched by the current dislocation in the marketplace; however Mid-Atlantic has and continues to manage our investment portfolio very conservatively,” Murray said. Mid-Atlantic does not invest directly in residential mortgaged backed securities, commercial mortgage backed securities, collateralized debt obligations or specialized investment vehicles, said the letter. “Mid-Atlantic continues to monitor and conduct our due diligence on all our investment sources,” Murray said. “We have also continued to diversify our portfolio, and have added additional lines of credit. Because we have structured our portfolio in this manner, our equity position remains very strong.”
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