The $84 million West Texas Credit Union reported approximately 12% net worth as recently as September 2008. However, it has taken a beating somewhere on the balance sheet each quarter since, leaving it with only 0.12% net worth as of March 31.

Western Corporate FCU's decision to reclassify its securities available-for-sale is not a signal of a change in strategy, but only an accounting recognition, said John McKechnie, NCUA's Director of Public and Congressional Affairs.

A 100% increase in demand, fueled by California's job losses and foreclosures, was enough to convince Los Angeles-based ByDesign Financial Solutions to merge with Richmond, Va.-based ClearPoint Counseling Solutions.

Are credit unions positioned to absorb another round of foreclosures? Industry experts say yes, despite real estate reporting services releasing all-time high monthly and quarterly default numbers.

At press time, the NCUA was still posting first-quarter financials to its Web site; however, red ink flows liberally through financial reports currently available to the public, suggesting that 2009 is already one for the record books.

The $238 million Midwest Corporate Credit Union will join the $1.5 billion Eastern Corporate Federal Credit Union in signing the NCUA's revised Corporate Credit Union Share Guarantee Program, President/CEO Doug Wolf told the Credit Union Times.

Western Corporate Federal Credit Union has a new chief investment officer.

On Monday, April 27, Eastern Corporate Federal Credit Union's Board of Directors voted unanimously to participate in the NCUA's Temporary Corporate Credit Union Share Guarantee Program, per the $1.4 billion institution's May newsletter.