WesCorp Turns a Profit
Western Corporate FCU may be under conservatorship, but it's profitable.
WesCorp's April net income of $14 million put the $22.5 billion corporate back into the black for 2010, after recording nearly $50 million in other-than-temporary impairments in March. For the first four months of 2010, WesCorp's net income is $3.6 million, according to April's financial statements posted online earlier this week.
Comparatively, the $9.5 billion Members United Corporate FCU, which released its April financial statements last week, reported a $16 million net loss as of April 30. The Warrenton, Ill.-based corporate earned only $3.4 million in operating income for the first four months of 2010 before applying nearly $20 million in new losses.
The $10 billion Southwest Corporate FCU also reported a net loss as of April 30, although it did generate more than $10 million in operating income before accounting for $31.6 million in OTTIs for first quarter.