Members United Corporate FCU Reports More Losses
WARRENVILLE, Ill. – Members United Corporate FCU reported additional losses of $8 million this morning on its investments for July, erasing $3.4 million of operating net for the month and creating a $4.6 million loss for July. Year to date losses are $11.2 million.
The so-called other-than-temporary impairment on its investments reduced retained earnings for the $8.9 billion corporate to just $3.9 million at the end of July.
Losses on its investments have erased all of Members United’s $79.4 million of paid-in-capital and $460.1 million of membership capital shares over the past 12 months, leaving the troubled corporate with just $14.6 million of membership capital at July 31.
That leaves just $18.5 million of membership capital shares and retained earnings to absorb any future losses on the corporate’s investments.