SAN DIMAS, Calif. – WesCorp FCU said yesterday that a $538.3 million loss recorded for the month of June deepened its capital losses, making it increasingly unlikely that its 1,020 credit union members will be able to recover the $2 billion in WesCorp capital they have or are about to charge-off.
June’s losses, the result of charges taken on investments, increased the corporate’s negative retained earnings to $4.28 billion at July 31, from $3.8 billion at June 30, WesCorp reported to its members.
Still, WesCorp said lower interest paid on funds borrowed through NCUA and expected second quarter dividends on its stock in the Federal Home Loan Bank of San Francisco helped create a net of $6.4 million for the month of July.
Through the first seven months of the year WesCorp reported a loss of $533.3 million, compared to net income of $5.4 million for the first seven months last year.
WesCorp has been operated under NCUA conservatorship since March 20.
WesCorp officials did not respond to requests for comment.
