Members United Corporate Federal Credit Union will eliminate its retained deficit and deplete 100% of member paid-in capital, as well as 40.2% of membership shares.
The announcement came in the notes that accompany the $7.7 billion corporate's newly released August financial statements, available on its Web site (www.membersunited.org).
Like most corporates, Members United waited for U.S. Central Federal Credit Union to finalize its audit before applying the retained deficit to member capital, as U.S. Central losses account for about 40% of the $578 million lost from retained earnings since Nov. 30, 2008. Much of the rest is due to other-than-temporary-impairments from Member United's investment portfolio.
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