SAN DIEGO — Ever since Sept. 30, when Standard & Poor's placed corporate heavyweights Western Corporate FCU and Members United Corporate FCU on CreditWatch with negative implications, rumors have swirled about the stability of several corporates, as well as the entire corporate system.
To separate fact from fiction, Credit Union Times took a closer look at the financials of the $28 billion WesCorp and the $10 billion Members United, as well as the $11 billion Southwestern Corporate FCU and the $3 billion Southeast Corporate FCU, whose long-term ratings were given a negative outlook by S&P.
Concern for the four's financial condition isn't without merit. All four have experienced significant slides in assets. As of Aug. 30, 2008, Southwest's assets have shrunk 16% since Dec. 31, 2007, while WesCorp's and Southeast's assets have declined 15% and 12%, respectively.
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