CONT. FROM PAGE 1
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
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
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.
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