Tuesday, March 2, 2010

$1 Billion NCUSIF Capital Note Partially Wrote Down

U.S. Central FCU reported a loss just shy of $477 million for the fourth quarter of 2009 -- bringing its loss for 2009 to almost $1.8 billion.

U.S. Central announced that its retained earnings have been fully exhausted, and all paid-in capital and membership capital shares balances have been fully depleted.

Moreover, the $1 billion NCUSIF capital note, issued on January 28, 2009, has been depleted by $331.0 million. But this capital note will probably be fully written off as U.S. Central recognizes additional losses from its investment portfolio.
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