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Southwest Corporates July net loss 178.2M
DALLAS (9/3/09)--Dallas-based Southwest Corporate FCU has recorded additional investment losses on its mortgage-backed securities and further depletions of its membership capital shares at U.S. Central, according to its July financial statement posted on its website. The numbers were initially reported to its members in July. Southwest Corporate recorded a net loss in July of $178.2 million, which results in a year-to-date net loss of $161.6 million and a retained deficit of $160.9 million. Its operating earnings before investment-related losses was $21.4 million. Investment losses contributing toward the net loss included $113 million of other than temporary impairments in its portfolio of mortgage-backed securities, reflecting increased loss projection from March 31 to June 30. The corporate also recorded $67.6 million in additional depletion of U.S. Central membership capital, reflecting U.S. Central's depletion of those funds on July 31. Southwest Corporate's 2008 audit remains in process pending the completion of U.S. Central's audit, which the corporate said was expected this week. "Once U.S. Central's audited financial statements are reviewed, our audit is expected to be completed approximately four weeks later," said Melissa Wardell, Southwest Corporate senior vice president/chief financial officer, in the posted financial statement. For the full report, use the link and click on July 2009 monthly report.
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