| |
On April 30, 2010, U.S. Central (USC) released its unaudited financial results for the first quarter of 2010. Highlights include:
Clayton’s first quarter portfolio review indicates a slowing in the deterioration of USC’s holdings
Despite that, there is an additional $57 million in Other Than Temporary Impairment (OTTI) for the first quarter of 2010
Net loss for the quarter ended March 31, 2010 - $45.4 million
The financials also reflect the payback of Credit Union System Investment Program (CU SIP) borrowings during the first quarter
This announcement:
Has no affect on Members United as the corporate had already written off 100% of its capital investment in USC in October 2009
Will not cause any additional losses to Members United’s capital shareholders
Has no affect on continuing operations or product support at either USC or Members United
For a copy of U.S. Central’s unaudited financial report for the first quarter of 2010, click here or visit U.S. Central’s website at http://www.uscentral.coop.
|
