Southwest Corporate FCU Depletes More Member Capital After Losses

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DALLAS – Southwest Corporate FCU reported new investment losses of $31.6 million for April, creating a loss of $20.9 million for the first five months of the year and forcing it to deplete more member capital shares.

As a result of the April charges, the $9.8 billion corporate will be required to increase the depletion of its member capital accounts by another $21 million, from 72.7% to 78%.

With the addition of the April charges, Southwest Corporate’s total impairment charge on non-agency residential mortgage-backed securities is $455 million, the corporate told its credit union members.

 

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