Corporates are delivering sobering news to members as they apply U.S. Central's second-quarter losses to their own capital coffers, posting letters to members on their Web sites.

Georgia Central Credit Union President/CEO Greg Moore told his members U.S. Central's losses will trickle all the way down into their own member capital investments. Georgia Central owned $23 million worth of U.S. Central paid-in capital, which has been completely wiped out, and $55 million in member capital shares, now 63% impaired.

The cumulative $58 million loss consumes $42.5 million in reserves and undivided earnings, $13.5 million in paid-in capital and $1.9 million worth of member capital shares at Georgia Central.