Credit unions

TALLAHASEE, Fla. – Southeast Corporate FCU announced yesterday that William Birdwell, its president and CEO since 2001, will retire in February, when he turns 65.

WASHINGTON-The services of corporate credit unions should be limited to a defined set, including payments and settlements, liquidity and short-term investments, according to final recommendations released last week by a task force created in the wake of several failures among corporates earlier this year.

WASHINGTON - Among the joint CUNA/NAFCU task force recommendations on corporates are:

WALLINGFORD, Conn. – Constitution Corporate FCU said yesterday the continued decline in its investments created a $62.9 million loss for the first seven months of the year.

DALLAS – Southwest Corporate FCU, one of a handful of corporate credit unions struggling under the weight of distressed mortgage-backed securities, said yesterday it recorded another $113 million of losses in July on its MBSs, along with an additional impairment of $67.6 million on its capital in U.S. Central FCU-creating a loss of $178.2 million for the month.

ALEXANDRIA, Va. — The expected $1 billion premium to be voted later this month for the National CU Share Insurance Fund is not in addition to an assessment to pay charges for the corporate credit union bailout, because the size of the corporate assessment remains unknown. A report in the Aug. 28 Credit Union Journal Daily Briefing could have been interpreted to indicate incorrectly that the $1 billion would be additional funds.

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.

WARRENVILLE, Ill. – Members United Corporate FCU said yesterday last month’s additional write-down of capital at U.S. Central FCU created a $78 million loss for the month of July, bringing year-to-date losses to $150.6 million.

RUTLAND, Vt. — One CEO here is wondering if the rate his corporate is paying is reflective of market realities, or is it a punishment?

ELIZABETHTOWN, Ky. — A new partnership with Mid-Atlantic Corporate FCU subsidiary MY CU Services means that iPay Technologies is now the supplier of online bill pay services for more than half of the nation's credit unions that boast such a service.

ALEXANDRIA, Va. – NCUA said yesterday it transferred $1.8 billion on deposit with the emergency loan fund, the Central Liquidity Facility, from the failed U.S. Central FCU and bought U.S. Treasury securities with the funds.

ALEXANDRIA, Va. – NCUA announced yesterday it is extending the expiration date of its Temporary Corporate Share Guarantee Program, which is guaranteeing all deposits in corporate credit unions, for another three months, until Dec. 31, 2011.

MUSKEGO, Wis. – Buffeted by losses on their U.S. Central FCU capital, Corporate Central CU said Friday it raised $47.4 million in new paid-in-capital.

LENEXA, Kan.-Hours after U.S. Central FCU reported a massive $1.1-billion loss for the first half of the year its corporate members began accruing losses to their own capital in U.S. Central - an additional $500 million - some of which will be passed on to their own natural person credit union members in the coming months.

LYNCHBURG, Va. – Even as U.S. Central FCU is reporting an additional $500 million depletion in their capital, several corporate credit unions are deferring the trickle-down depletion of their own capital until the release the long-awaited 2008 financials for U.S. Central, which are expected to show additional losses.

Credit Unions with the Largest Portfolios of Loans and Leases

TALLAHASSEE, Fla. – Southeast Corporate FCU said it will pass on about $6.1 million in charges from the loss of its capital in U.S. Central FCU to its 430 credit union members.

ALEXANDRIA, Va. - NCUA announced Friday it is pulling the funds for the Central Liquidity Facility, the industry’s $40 billion emergency loan fund, from deposits at troubled U.S. Central FCU and will invest them instead in U.S. Treasury securities.