TALLAHASSEE, Fla. – Southeast Corporate FCU was the latest corporate credit union to report losses for 2009, telling members yesterday it ran $45.1 million in the red.
The losses, which include a write-down of 100% of the $3 billion corporate’s capital in U.S. Central, depleted $20.1 million of member paid-in-capital and $25 million of member capital shares owned by Southeast’s 465 member institutions.
Several corporates are reporting big losses for 2009: WesCorp FCU, a $1.2 billion loss; Southwest Corporate FCU, a $226 million loss; and, Corporate One FCU, a $42.3 million loss.
Southeast had a $111.7 million loss for 2008.
The 2008 and 2009 losses make a sour retirement for Southeast’s President Bill Birdwell, a long-time fixture among corporate credit unions who has headed Southeast the past eight years. Birdwell will retire at the end of this month and will be succeeded as CEO by Brad Miller, the corporates’ chief Washington lobbyist who has headed the Association for Corporate CUs the past three years.
