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Corporate One releases financial report for November
COLUMBUS, Ohio (12/28/09)--Corporate One FCU reported positive reserves and undivided earnings (RUDE) of $25.6 million in its semi-annual review of its November securities portfolio, released last week. All member Paid-in-Capital (PIC) and Member Capital Shares (MCS) remain intact, the Columbus, Ohio-based corporate said. The corporate's losses totaled nearly $40.4 million for the 11 months ending Nov. 30. That compares to a net income of $19.7 million a year earlier. Losses for November totaled $32.3 million. The losses, "while disappointing" were fully anticipated, said President/CEO Lee C. Butke in the report's executive summary. Based on what is known today, "we do not anticipate having to impair our members' capital in the future," Butke said. November's losses stemmed from several factors, primarily $17.7 million in other-than-temporary impairment (OTTI) write-downs related to available-for-sale investments; $4.6 million in its capital investment in U.S. Central, and $10 million impairment on securities insured by Financial Guarantee Insurance Corp. As of Nov. 30, the corporate no longer has any capital exposure to U.S. Central, having written off 100% of its investment in U.S. Central's capital investments. That means that any future losses at U.S. Central will no longer impact Corporate One's RUDE statistics. Core earnings totaled $13.4 million for the 11 months ending Nov. 30. The corporate noted it has nearly $5 billion in assets under management, a 7% increase over a year earlier, and it has budgeted more than $9 million in core earnings for 2010 (35 basis points). Liquidity remained strong, with the corporate ending November with cash and cash equivalents totaling $874 million. Average shares for the month totaled $3.64 billion, compared with $3.32 billion for November 2008--a 10% increase. Corporate One said it continues to maintain access to multiple lines of liquidity and had, at November's end, more than $1.58 billion in tested, liquidity sources. For the full report, use the link.
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