X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Western Corporate Federal Credit Union gained nearly $2 billion assets during the month of October, but it was primarily from the sale of $1.5 billion in medium-term notes Oct. 28, according to recently released month-end financials. The notes increase the $22 billion institution’s borrowings to nearly $10 billion. Because the failed corporate recorded third-quarter investment losses in September, WesCorp’s income statement showed a $7.8 million net income for October. The only bad news from the investment portfolio was the final distribution of principal for an impaired security, which resulted in an additional realized loss of $16,000. Unrealized losses on securities decreased $273 million from September, dropping the total other comprehensive loss to $4.3 billion as of Oct. 31. WesCorp also reported a $4.6 billion retained deficit, primarily due to a total of $6.4 billion in other-than-temporary losses recorded against WesCorp’s current investment portfolio. Of that figure, $5.85 billion has been lost in private-label mortgage-backed securities alone.

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?

Peter Westerman

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.