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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.
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