Speaking out Friday on the latest NCUA moves on U.S.Central/WesCorp., Mid-Atlantic Corporate Federal Credit Union noted again that its own capital with U.S. Central "is now impaired" warned that the unintended consequence of the conservatorships "could jeopardize consumer confidence in all credit unions."
The $4 billion Middletown, Pa. corporate once again reassured its East Coast members that it has "the wherewithal to weather the impact of what has been happening" noting that it actually has seen what it calls a "higher than normal" rise in first quarter deposits, a jump in assets from the $2.8 billion at the end of 2008.
At the same time, Jay Murray, president/CEO, acknowledged that its members "have had another level of financial impact thrust upon them because Mid-Atlantic now has an impairment of our capital with US Central, which is likely to roll down to an impairment of our members' capital."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
