DALLAS – Southwest Corporate FCU reported Monday that the further depletion of its membership capital shares in U.S. Central FCU last month created a loss of $40.2 million for October, and a loss of $128.9 million for the first 10 months of the year.
The $9 billion corporate credit union said the depletion of its U.S. Central shares erased a quarter of its remaining member capital shares, totaling about $43.1 million.
Investment losses have totaled $158 million so far this year, which have been partially offset by operating earnings of $29.1 million. But the losses could become worse if all of Southwest Corporate’s remaining $19.1 million of shares in U.S. Central are written down.
Officials with Southwest did not respond to requests for comment.
