LENEXA Kan. – U.S. Central FCU today reported a $470.5 million loss for the second quarter, pushing first half losses to $1.1 billion.
The new losses make it increasingly likely that the remainder of the membership capital shares held by 27 corporates in U.S. Central will be wiped out. The corporates have so far charged-off 23% of those shares.
U.S. Central, which has been run under NCUA conservatorship since March 20, said has experienced further deterioration in some of its consume-based investment securities, particularly non-agency residential mortgage-backed securities. U.S. Central recorded other-than-temporary impairment charges totaling $537.0 million for the second quarter of 2009. In total, OTTI charges have amounted to $1.2 billion for the first half of 2009.
U.S. Central has yet to report its audited financial statements for 2008.
Earlier this week, WesCorp FCU reported a $538 million loss for June; Members United Corporate FCU reported a $79.3 million June loss; and Corporte One FCU an $8.2 million loss for the first half of the yera.
