At least five corporate credit unions had posted their unaudited December month-end financial statements online as of press time: the $21 billion Western Corporate Federal Credit Union, the $8.5 billion Southwest Corporate Federal Credit Union, the $3.3 billion Corporate One Federal Credit Union, the $2.2 billion Corporate America Credit Union and the $1.9 billion Corporate Central Credit Union.
The first three reported net losses, the second two net profits. However, all reported better bottom lines than in 2008 audited statements.
The extent of U.S. Central's losses wasn't apparent until after its March 2009 conservatorship, but accounting standards led most retail corporates to record some or all of U.S. Central's capital losses in 2008, reducing their 2009 loss burden.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
