Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Southwest Corporate reports more OTTI charges
DALLAS (6/2/10)--Southwest Corporate FCU released its financials for April, noting a net loss of $23 million for the first four months of 2010. That compares with the Dallas-based corporate's $9.8 million net income for the same period in 2009. The net loss resulted from other-than-temporary impairment charges totaling $31.6 million, said the corporate credit union's financial statements posted on its website. The OTTI charges relate to the further deterioration of certain non-agency residential mortgage-backed securities since Dec. 31. The net loss is partially offset by net operating income totaling $10.1 million for the period, the corporate said. The OTTI charges mean that the $10.3 billion asset Southwest Corporate has a retained deficit at April 30 of more than $23 million. The corporate reported to its members last week that it will be required to deplete about 5.72% of the original members' capital accounts (MCA) to cover the retained deficit. The latest charges would increase the cumulative MCA depletion percentage to 78.40% from 72.68%.
Other Resources

RSS print
News Now LiveWire
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
1 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
1 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
3 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
3 hours ago
#NewsNow New league award honors Commitment to Cooperation http://t.co/OPt97flShn
4 hours ago