Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
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.
Other Resources

RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago