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Members United Corporate announces 08 financials
WARRENVILLE, Ill. (1/6/10)--Members United Corporate FCU Thursday announced its final audited financials for 2008, noting it had posted a $1.2 billion loss for the year after auditors required a 100% write-off of U.S. Central capital as of Dec. 31, 2008. The statement from Minneapolis-based auditors McGaldrey & Pullen set to rest the number of losses incurred by the corporate, like others, during the nation's credit crisis, and set the stage for the $8.3 billion asset,Warrenville, Ill.-based corporate's November 2009 financials, which reported no additional losses. The write-off of U.S. Central capital means that roughly $155.5 million in losses that previously were recorded in July and October 2009 have instead been recorded as a loss in December 2008. The restatement entries recorded in November 2009 had "no net impact on retained earnings--it is simply a timing issue for financial report," said the November financial report. The restated year-to-date loss for 2009 is $138 million. Members United reported a net income of $1.6 million for November. Its capital ratio at the end of November was 1.68%. Should more losses be incurred that result in a new deficit, Members United will be required to deplete more membership capital. It was performing an OTTI review as of Dec. 31 and said results should be ready by mid-February.


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