The $2.2 billion Corporate One FCU's year-end financials reveal a $4.35 millionnet profit, fortified net worth and the revelation that the NCUAprovided $15 million worth of assistance to merge in the $1.5billion Southeast Corporate FCU, which was effective July 1,2012.
“The assistance provided was in the form of cash and aconditional indemnification agreement to cover losses on certainassets acquired by Corporate One,” the Columbus, Ohio-basedinstitution said in its financial report, posted on itswebsite.
The financial reports go on to state that per NCUA regulations,intangible assets in excess of one half percent of moving dailyaverage net assets must be deducted from a corporate's adjustedcore capital.
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