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
Mid-Atlantic Corporate solidly positioned says letter
MIDDLETOWN, Pa. (8/13/08)--Mid-Atlantic Corporate FCU remains “as solidly positioned as ever,” wrote President/CEO Jay Murray Monday in a letter to members. Murray’s letter was written in response to a Wall Street Journal article that reported the market’s impact on corporate credit unions and their central bank, U.S. Central. As of May 31, five corporate credit unions reported $5.7 billion in unrealized losses. The paper didn’t mention Mid-Atlantic by name (The Wall Street Journal Aug. 11). “Certainly no financial institution is untouched by the current dislocation in the marketplace; however Mid-Atlantic has and continues to manage our investment portfolio very conservatively,” Murray said. Mid-Atlantic does not invest directly in residential mortgaged backed securities, commercial mortgage backed securities, collateralized debt obligations or specialized investment vehicles, said the letter. “Mid-Atlantic continues to monitor and conduct our due diligence on all our investment sources,” Murray said. “We have also continued to diversify our portfolio, and have added additional lines of credit. Because we have structured our portfolio in this manner, our equity position remains very strong.”
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