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Louisiana Corporate loss at 7.4M still well-capitalized
METAIRIE, La. (3/25/10)--Louisiana Corporate CU’s (LaCorp) auditors have completed the corporate’s 2009 audit, issuing an opinion that the corporate still is well-capitalized. In 2009, LaCorp experienced a net loss of $7.4 million, resulting entirely from writing off all of its capital in U.S. Central FCU. However, even with the writedown, LaCorp continued to be well-capitalized with total capital at $8.4 million, or 5.99%--well above the National Credit Union Administration’s 4% minimum for corporate credit unions. “We believe our members have the right to timely information for their due diligence, so we worked with our certified public accountant firm to get the audit completed and released promptly,” said David Savoie, president/CEO. “As far as we know, LaCorp is the first to release its audited 2009 audit opinion.” “LaCorp has generated strong earnings for yea-to-date 2010, in keeping with our primary objective of providing the most cushion possible between our members’ capital and any further systemic charges,” Savoie said. “While 2009 was a challenging year for all financial institutions, including the credit union sector, I’m pleased that we are on track for positive earnings this year.” The auditors were Rebowe & Company, certified pubic accountants.
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