HARRISBURG, Penn. – Mid-Atlantic Corporate FCU, the conservatively-run institution that has become the nation’s fifth-largest corporate, reported another profitable year for 2009, albeit not as profitable as the year before.
The $3.8 billion corporate reported net income of $6.4 million for 2009, down from a $20 million net for 2008, but a contrast to the other five largest corporates which all reported losses for 2009.
Mid-Atlantic accomplished this even while depleting all of its capital in U.S. Central FCU.
The main difference in the financials for Mid-Atlantic is the conservative nature of its investments. Just under half of its $3.7 billion of investments are guaranteed instruments placed with U.S. Central, while 86% of the remainder are in either bank-issued CDs or agency securities, which are essentially guaranteed by the federal government. Mid-Atlantic told its members it has no other-than-temporary impairment, or OTTI.
