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
WesCorp is back in the black
SAN DIMAS, Calif. (6/2/10)--Western Corporate FCU (WesCorp) presented its April 2010 financials Thursday, announcing that it had realized net income of $14 million for the month. For first quarter, WesCorp's net income was $3.6 million. WesCorp's quarterly income reflects income from normal operations of $53 million less the effect of additional other-than-temporary-impaired (OTTI) charges of $49.4 million recognized in March, according to financials posted on its website. Actual realized losses on 50 securities incurred in April totaled $92.3 million, bringing actual realized losses to date to $362 million for 54 securities in the portfolio, on a life-to-date basis. The actual losses experienced in April will have no additional impact on WesCorp's financial statements because they already have been recognized in previous periods through the recognition of OTTI. The corporate credit union was placed into conservatorship on March 20, 2009, by the National Credit Union Administration. WesCorp is operating with a Prior Undivided Earnings Deficit of $4.964 billion guaranteed by the National Credit Union Share Insurance Fund.
Other Resources

RSS





print
News Now LiveWire
Real #GDP jumps unexpected 5% in 3Q #NewsNow #Market http://t.co/FC92ZyE0zu
2 minutes ago
New @TheNCUA video outlines field-of-membership options & strategies. http://t.co/AVbAfYIHby
1 hours ago
#Creditunions NOT among most disliked companies of 2014, says @MarketWatch http://t.co/N1lMHMFkjL
1 hours ago
.@KearneyFCU in-school branch at Emerson Elementary School one of top education stories in Kearney NE in 2014 http://t.co/4riZWhV1Fn
1 hours ago
Maine Harvest credit union project aims to help small farmers, #creditunions #NewsNow http://t.co/JyHUnS4Oja
2 hours ago