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CU System
Southwest Corporate outlines losses for October
DALLAS (12/3/09)--Southwest Corporate FCU Monday outlined its losses related to U.S. Central FCU holdings for the month of October and for year-to-date 2009 in its monthly financial report. October losses for Southwest will total more than $40.2 million. Year-to-date will be recorded at nearly $130 million, the corporate said in its report. And the corporate has a retained deficit of $37.1 million at the end of October. U.S. Central depleted an additional 25% of its corporate membership capital shares in October as a result of its third-quarter portfolio assessment. "The impact of this action depleted $43,190,000 of Southwest Corporate's membership capital shares in U.S. Central, leaving $19,079,000 remaining in membership capital shares as of Oct. 31," said Melissa Wardell, senior vice president/chief financial officer, in a summary of the report. As a result, Southwest Corporate recognized a net loss of $40,249,000 in October." The year-to-date net loss is made up of net losses on investments of more than $158 million, partially offset by operating earnings prior to investment losses of more than $29 million, the corporate said. As initially reported to member credit unions in September, the corporate depleted 33% or nearly $159 million of members' capital accounts in October to cover the retained deficit as of Aug. 31, as directed by the National Credit Union Administration (NCUA) in its NCUA Letter to Credit Unions 09-CU-10. As a result of the additional depletion of U.S. Central membership capital shares in October, Southwest Corporate has a retained deficit of $37.1 million as of Oct. 31, the corporate said. For the complete report, use the resource link.


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