COLUMBUS, Ohio – Corporate One FCU said it put most of its troubles behind it and continued to build capital in 2010, leaving it as one of the most likely big corporates to survive the system consolidation.
The $3.4 billion corporate, which had a $42.3 million loss for 2009, rebounded in 2010 with a $12.1 million net, helping rebuild capital from $167.7 million to $182.9 million and leaving it on the cusp of meeting NCUA’s new capital requirements.
At year-end 2010, Corporate One reported a 5.39% regulatory capital ratio, exceeding the 5% required under NCUA’s new rule, and a 1.04% retained earnings ratio, below the 2% requirement. Corporate One currently is working with its membership to convert the existing paid-in capital and membership capital shares and certificates to Perpetual Contributed Capital, as defined in the new NCUA regulation.
Corporate One still faces several potential hurdles, including $166.4 million of unrealized losses on its investments and potential claims against troubled bond insurers.
