Credit Union Times - May 22, 2013

WesCorp
CONT. FROM PAGE 1

The Rundown
Y WesCorp legacy assets represent the
majority of estimated losses.
Y While other corporates’ legacy assets
have improved, WesCorp’s have not.
Y The improved loss figures revive the
debate over the need to conserve some
corporates.

estimated to produce $214 million in losses, which represents 3.15% of total losses. The corporate’s legacy assets represent 9% of the total. Southwest Corporate posted $149 million in estimated losses as of Dec. 31, 2012, for 2.2% of total losses. The Plano, Texas-based former corporate contributed 8% of total legacy assets.

Only the former Constitution Corporate FCU’s legacy asset losses are on par with the size of its portfolio. The failed corporate, once headquartered in Wallingford, Conn., had $72 million in estimated losses at 2012 year end, a bit under 1% compared to the total. According to the NCUA, Constitution’s assets make up approximately 1% of the total legacy asset portfolio.

Following a twice-annual review, the NCUA reported in March that the highest estimated loss amount declined by $900 million due to improvements in legacy asset performance. Although the NCUA reported improvements for each corporate’s legacy assets, WesCorp’s portfolio improved far less than others.

Between year-end 2011 and year-end 2012, WesCorp’s estimated losses dropped by $216 million, representing a 3.6% reduction. In comparison, U.S. Central’s estimated losses decreased by 31% during the same period, dropping from $906 million to $625 million.

From 2011 to 2012, Members
United saw a 28% decrease in es-
timated losses, Southwest Corpo-
rate’s estimated losses decreased
by nearly 37%, and Constitution
Corporate’s legacy assets saw a
22.6% decrease in estimated losses.

UPCOMING ADVERTISING OPPORTUNITIES IN
Issue Date Editorial Theme
Conf. Distribution Ad Space Closes

6/12/13

6/19/13

6/26/13

7/3/13

7/10/13

7/17/13

HUMAN RESOURCES MERGERS ONLINE AND MOBILE BANKING LENDING CUNA’s ACUC

MARKETING NAFCU Annual

COMPLIANCE WOCCU Annual
Indicates bonus distribution at meeting.
For Information and Assistance call: 859-692-2309

LSCU Annual Conference

5/22/13

5/29/13

6/5/13

6/12/13

6/19/13

6/26/13

ADVERTISING REPRESENTATIVES:
National Sales Director

The R. W. Walker Co., Inc.
515 South Flower Street, 36th Floor, Los Angeles, CA 90071
p. 213-896-9210 f. 213-896-9209
Mike Walker
mike@rwwcompany.com
Alaska, Arizona, Arkansas, Colorado, Hawaii, Idaho, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri,
Montana, Nebraska, Nevada, New Mexico, North California, North Dakota,
Ohio, Oklahoma, Oregon, South California, South Dakota, Tennessee, Texas,
Utah, Washington, Wyoming, Canada
CLASSIFIED SALES
Martha Frechette
Classified Sales Manager
The R. W. Walker Co., Inc.
p. 213-236-3770
martha@rwwcompany.com
REPRINT INFORMATION
For custom reprints and e-prints, contact:
Kimberly Seiss
212-221-9595 ext. 333
Kimberly.seiss@parsintl.com

Credit Union Times (ISSN 1058-7764) is published 48 times/year; weekly except for the final week of the year and three combined issues in January, July and November by Summit Business Media, 5081 Olympic Blvd., Erlanger, K Y 41018-3184 at $165 for 48 issues a year. Periodical-class postage paid at Covington, K Y and additional mailing offices.

Postmaster: Send address changes to Credit Union Times, PO Box 5016, Brent wood, TN 37024. Allow four weeks for completion of changes. Reproduction is prohibited without written consent.