The $9.5 billion Members United Corporate Federal Credit Union released its April 2010 and year-end 2009 audit today, reporting additional OTTIs that will impair member capital shares by 97%.
December 2009 OTTIs numbered $116.9 million, and Members United recorded an additional $21.1 million OTTI in April, resulting in a retained deficit of $130 million. The Warrenton, Ill.-based corporate will eliminate the deficit using capital effective May 28, including some $11 million worth of MCS on-notice for withdrawal.
The December losses include an OTTI of $87.1 million due to monoline insurer Ambac's forced restructure. Members United is placing a 25% repayment reliance upon the struggling Wisconsin firm.
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