Corporate One Federal Credit Union survived its November portfolio review with all member contributed capital intact, writing off $32.2 million that still leaves more than $25 million in reserves.
Better yet, in the financial reports posted online (www.corporateone.coop), CEO Lee Butke said current Clayton loss analysis indicates the cooperative does "not anticipate having to impair our members' capital in the future."
Of the $3.56 billion corporate's $32.3 million write-off, nearly $28 million came from the corporate's own investment losses, including a $10 million hit on securities covered by failed monoline insurer Financial Guarantee Insurance Corporation. The Columbus, Ohio-based corporate also wrote off all of its remaining U.S. Central member capital shares.
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Of Corporate One's $2 billion securities portfolio, $1.35 billion are asset backed, $454 million are mortgage backed, $187 million are corporate debt, with the $17 million balance in government-sponsored enterprises.
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