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News Now

CU System
Three more corporates announce financials
MADISON, Wis. (6/5/09)--Three more corporate credit unions--Southeast Corporate FCU, SunCorp FCU, and Constitution Corporate--have posted their financials and the impact of their exposures for losses. Southeast Corporate FCU noted that charges related to its shares in U.S. Central FCU and its mortgage-backed securities would result in a $79 million loss to its net income for April. That compares with a net income of $3.9 million it recorded as of Dec. 31, 2008. The $3.2 billion asset Southeast Corporate, in its statement of financial condition on its website, recorded retroactive impairment entries on its books for $23.4 million as of Dec. 31 and $60.5 million as of March 31. Analysis of Southeast's portfolio for first quarter 2009 also resulted in an additional impairment of 10 securities, for a $17.7 million loss recorded and adjusted retroactively in March. As of April 30, Southeast Corporate's exposure to securities supported by subprime mortgages represented 3.2% of its portfolio. Of the subprime exposure, $27 million (or 27%) is insured, said the report. SunCorp Corporate CU's financial statement indicates a $134.9 million loss for the year. It attributed the losses to its holdings in U.S. Central FCU and in mortgage-backed securities. Constitution Corporate FCU noted that all of its capital in U.S. Central, totaling $34 million, is fully impaired. Constitution Corporate reported an "unaudited credit loss" totaling $14.5 million for 2008 and a $36.9 million loss for first quarter 2009. These charges, combined with its holdings in U.S. Central, are expected to reduce Constitution Corporate's regulatory capital to about 2.50%, below the 4% capital limit set by the National Credit Union Administration as of March 31. Other corporates that recently made financial statements are WesCorp, Southwest Corporate FCU, Corporate One FCU and EasCorp. The latter three's results appeared in the June 4 issue of News Now, and WesCorp's is the topic of a separate story in today's issue.
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