Louisiana Corporate Releases 2009 Audit

The $159 million Louisiana Corporate Credit Union released its 2009 audit March 23, possibly the first corporate to do so, according to president/CEO David Savoie. He reported his organization pushed CPA firm Rebowe & Co. to complete the report, because “members have the right to timely information for their due diligence.”

After writing off all its capital at U.S. Central, the New Orleans based institution posted a $7.4 million net loss for the year. However, $8.4 million worth of capital remains on the books, and Lousiana Corporate reported 5.99% capital ratio as of Dec. 31. Although its core capital ratio is only 0.41%, LaCorp has nearly $8 million in membership capital shares it could convert to Tier 1 capital to meet NCUA’s proposed corporate regulations.