CHARLESTON, W.V. – West Virginia Corporate CU has called a special meeting of its members for Friday to discuss the proposed corporate credit union reforms and the affect on its members’ capital by the $245 million corporate’s losses in 2009 and 2008.
West Virginia Corporate reported a $10 million loss for 2009, which followed a $2.3 million loss for 2008.
The 2009 loss included the depletion of $11.3 million of capital held in U.S. Central FCU. At year-end 2009 it still had $1.1 million of U.S. Central member capital shares on its books, but had depleted all of its U.S. Central paid-in-capital. Ironically, West Virginia Corporate's President Charles Thomas was vice chairman of the U.S. Central Board until NCUA took over the failed corporate giant last March 20 and dismissed all of the senior managers and directors.
At Friday’s special informational meeting Tom Brewer, chairman of the board, and Thomas will lead a discussion on NCUA’s current proposal for a re-write of regulations for corporate credit unions, an update on the capital position of West Virginia Corporate and its current impact on credit unions’ member capital share deposits. The corporate’s board will be sharing information from their recent scenario planning session.
