U.S. Central's third quarter losses will deplete another $51.7 million from the membership share accounts of Members United Corporate, the Warrenville, Ill.-based institution announced today.
Last week, Members United announced a 100% depletion of paid-in capital accounts and an additional 40% depletion of MCS accounts in its own September financial statements. After applying today's additional losses, the $7.5 billion corporate has just $230 million in MCS.
The losses will be recorded today, and will result in a negative retained earnings balance for October month-end. Members United said it expects OTTI from its own investment portfolio, which will also be recorded in October. Negative retained earnings will be applied against remaining capital in November.
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