Southeast Corporate Reports $800,000 OTTI Charge In June

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TALLAHASSEE, Fla. – Southeast Corporate FCU here reported an other-than-temporary-impairment charge of nearly $800,000 last month but was able to cover the losses with retained earnings, the credit union announced.

In a memo, executive VP Rob Schleiter said the corporate recorded a $795,662 charge for June but member capital was left unaffected as retained earnings absorbed the blow.

With the charge the corporate lost more than $621,000 in June but still is in the black for 2010 with year-to-date earnings over $767,000. Membership capital stands at $59.9 million as of June 30.

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Corporate credit unions