U.S. Central Federal Credit Union's $470 million second quarternet loss will force Members United Federal Credit Union to recordan additional $81 million hit to its own member capital shares.
The $8.4 billion corporate informed its members of the impendingcharge immediately after U.S. Central announced the losses Fridayafternoon. Members United said it expects to record the capitaldepletion in its July 2009 month-end financial reports.
Assuming no additional OTTIs of its own and U.S. Central'scurrent 63% MCS impairment, Members United estimates its own MCShas been depleted by 43%.
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