U.S. Central Federal Credit Union released its third quarter 2009 financial statements today, announcing a $308.5 million net loss that depletes remaining member capital shares to only $140 million as of Sept. 30, now an 88.7% impairment.
The additional losses will spur another round of capital adjustments for retail corporates, and in turn, some natural person credit unions.
Last quarter's $320 million in OTTI charges were caused by further deterioration in the $28 billion institution's private residential mortgage-backed securities. On the bright side, U.S. Central's balance sheet gained nearly $1.5 billion in "accumulated other comprehensive income," reducing its unrealized losses to $9.6 billion, down from more than $11 billion as of June 30.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
