The $159 million Louisiana Corporate Credit Union released its 2009 audit March 23, possibly the first corporate to do so, according to president/CEO David Savoie. He reported his organization pushed CPA firm Rebowe & Co. to complete the report, because "members have the right to timely information for their due diligence."
After writing off all its capital at U.S. Central, the New Orleans based institution posted a $7.4 million net loss for the year. However, $8.4 million worth of capital remains on the books, and Lousiana Corporate reported 5.99% capital ratio as of Dec. 31. Although its core capital ratio is only 0.41%, LaCorp has nearly $8 million in membership capital shares it could convert to Tier 1 capital to meet NCUA's proposed corporate regulations.
"LaCorp has generated strong earnings for year to date 2010, in keeping with our primary objective of providing the most cushion possible between our member's capital and any further systemic charges," Savoie said. "While 2009 was a challenging year for all financial institutions, including the credit union sector, I'm pleased that we are on track for positive earnings this year."