The $2.2 billion Corporate One FCU's year-end financials reveal a $4.35 million net profit, fortified net worth and the revelation that the NCUA provided $15 million worth of assistance to merge in the $1.5 billion Southeast Corporate FCU, which was effective July 1, 2012.
"The assistance provided was in the form of cash and a conditional indemnification agreement to cover losses on certain assets acquired by Corporate One," the Columbus, Ohio-based institution said in its financial report, posted on its website.
The financial reports go on to state that per NCUA regulations, intangible assets in excess of one half percent of moving daily average net assets must be deducted from a corporate's adjusted core capital.
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