WARRENVILLE, Ill. – Members United Corporate FCU reported an additional $138 million in losses on its investments this afternoon, depleting almost all of its remaining member capital.
The losses put the $9.5 billion corporate in similar straits as three other corporates, U.S. Central FCU, WesCorp FCU and Constitution Corporate FCU, which have run through all of their capital and are now operating at deficits.
Members United reported that its 2009 audit and subsequent review of its investments for the beginning of 2010 caused the additional $138 million of so-called other-than-temporary impairments, eating up almost all its remaining $154 million in member capital shares, all of it belong to the corporate’s 2,000 credit union members. The depletion leaves Members United with just $15.1 million of capital.
Members United has reported a total loss of $870.5 million since November 2008, $308.2 of it from capital invested with U.S. Central and $562.3 million on its own investments. The losses completely eliminated the corporate’s retained earnings and required the full exhaustion of paid-in-capital and the depletion of substantially all member capital shares.
