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CU System
WesCorp revises March 2010 financials
SAN DIMAS, Calif. (4/26/10)--Western Corporate FCU (WesCorp) has revised its March 2010 financials. WesCorp realized a net loss of $36.3 million for March 2010, including additional other-than-temporary-impairment (OTTI) charges for the month of $49.4 million. Excluding the OTTI charge, income from normal operations for March was $13.2 million, consistent with operating results for the first two months of the year, according to WesCorp’s website. Actual realized losses on 40 securities incurred in March totaled $76.5 million, bringing actual realized losses to date to $270 million for 43 securities in the portfolio on a cumulative basis. The actual losses experienced in March have no additional impact on WesCorp’s financial statement since the actual losses have already been recognized in prior periods through OTTI. For more information, use the link.
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