U.S. Central Sucks $81M from Members United

U.S. Central Federal Credit Union's $470 million second quarter net loss will force Members United Federal Credit Union to record an additional $81 million hit to its own member capital shares.

By Heather Anderson | August 02, 2009 at 08:00 PM

U.S. Central Federal Credit Union's $470 million second quarter net loss will force Members United Federal Credit Union to record an additional $81 million hit to its own member capital shares.

The $8.4 billion corporate informed its members of the impending charge immediately after U.S. Central announced the losses Friday afternoon. Members United said it expects to record the capital depletion in its July 2009 month-end financial reports.

Assuming no additional OTTIs of its own and U.S. Central's current 63% MCS impairment, Members United estimates its own MCS has been depleted by 43%.

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