Louisiana Corporate CU Pushed Into The Red By U.S. Central Losses

METAIRIE, La. – Louisiana Corporate CU yesterday became the latest corporate credit union to report a loss for 2009 – of $7.4 million – due to the loss of its capital in U.S. Central FCU.

Even with the write-down of the remaining $7.1 million of capital the $158 million corporate has in U.S. Central, LaCorp was able to retain capital of its own of $8.4 million, a healthy 5.99%.

The losses are detailed in LaCorp’s audited report for 2009, the first audited report for last year issued by a corporate.