The now $32 billion U.S. Central Federal Credit Union has reported a $687 million OTTI for first quarter 2009, it announced late yesterday afternoon. Available on U.S. Central's Web site (www.uscentral.org), the release is a first look at the NCUA-managed corporate's numbers since its March 20 conservatorship.
Only $1.95 billion in capital remains at U.S. Central. Of that, $1 billion is from the NCUA's Jan. 28 capital injection, with $958,308 remaining in membership capital shares. That represents only a 23% MCS impairment from the February 2009 reported $1.25 billion in MCS. The NCUA announced May 1 that U.S. Central members had suffered 63% MCS impairment.
U.S. Central's investment portfolio has taken a beating, racking up a staggering $12.8 billion in accumulated other comprehensive losses as of March 31, mostly unrealized losses on securities subject to OTTI, officials said. Pre-conservatorship February financials reported only $6.6 billion in unrealized losses.
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