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From the December-09, 2009 issue of Credit Union Times Magazine • Subscribe!
WesCorp's Borrowings Raised to $10 Billion
Western Corporate Federal Credit Union gained nearly $2 billion assets during the month of October, but it was primarily from the sale of $1.5 billion in medium-term notes Oct. 28, according to recently released month-end financials.
The notes increase the $22 billion institution's borrowings to nearly $10 billion.
Because the failed corporate recorded third-quarter investment losses in September, WesCorp's income statement showed a $7.8 million net income for October. The only bad news from the investment portfolio was the final distribution of principal for an impaired security, which resulted in an additional realized loss of $16,000.
Unrealized losses on securities decreased $273 million from September, dropping the total other comprehensive loss to $4.3 billion as of Oct. 31.
WesCorp also reported a $4.6 billion retained deficit, primarily due to a total of $6.4 billion in other-than-temporary losses recorded against WesCorp's current investment portfolio. Of that figure, $5.85 billion has been lost in private-label mortgage-backed securities alone.
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