WesCorp Reports Loss of $1.19 Billion for 2009

WesCorp, which has been operating under NCUA conservatorship since March 20, 2009, recorded a net loss of $1.19 billion for 2009, including the effect of cumulative other-than-temporary-impairment (OTTI) amounting to $1.23 billion. For the month of December 2009, the corporate credit union reported a loss of $328.5 million.

WesCorp is operating with a Prior Undivided Earnings Deficit of $4,925,584,461 guaranteed by the National Credit Union Share Insurance Fund (NCUSIF). Its capital ratio at the end of 2009 was minus 25.35 percent.