The $8.9 billion Members United Corporate FCU reported a $4.6 million net loss for July 2010, driven by $8 million in new other-than-temporary-impairments from its latest investment review.
The red ink gives the corporate an $11 million year-to-date net loss, but the new OTTIs were absorbed by retained earnings and did not impair its remaining $14.6 million in member capital shares. Retained earnings dropped to about $4 million after accounting for the losses.
When preparing its June financial reports, Members United uncovered a one-time formula error, which overstated OTTI arising from a previous review by $1.16 million. The corporate returned capital to members July 30.
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