Members United Corporate FCU released its September month-end financial statements today, and as expected, the $7.5 billion corporate depleted 100% of paid-in capital and recorded a 40.2% depletion of membership shares.
The accounting move, in accordance with NCUA guidance, eliminated its retained deficit that existed as of Aug. 31, 2009.
That leaves $281.5 million in membership capital shares to guard against expected "additional investment losses" that will be recorded in October financial statements.
"While the results of the investment OTTI review that is in process are not final and ready for release, management does not anticipate that losses from this review will exceed the remaining $281.5 million of membership capital shares," the corporate wrote in notes that accompanied financial statements. The report is available on the corporate's Web site in the Financial Transparency Center (www.membersunited.org/FinancialCenter.html).
Any additional depletions will be charged against remaining membership capital share balances in the month of November 2009, the report added.
