The National Credit Union Administration (NCUA) has released U.S. Central Federal Credit Union’s (USC) 2008 Audited Financial Statements. Despite what has been reported in the news media, the audited financials did not reveal any material changes.
USC has informed us that all of our paid-in-capital and 63.7 percent of our membership capital has been depleted. This will require that we deplete approximately 27% of your membership capital at VACORP. We anticipate taking this action in September and you will receive a written confirmation to that effect later this month. Please keep in mind that the NCUA conducts a quarterly analysis of USC’s investments and it is likely that there will be additional depletion in the future. However, as stated before, in the worst case scenario there would be a 67% depletion of your membership capital with VACORP.
VACORP’s auditors, Orth, Chakler, Murnane and Company, have received USC’s financials and are in the process of finalizing our own 2008 Audited Financial Statements, which we expect to receive in early October. We will provide a copy to each of our members as soon as possible after receiving their report.
We sincerely appreciate your patience and understanding during this difficult time. Please do not hesitate to contact us if you have any questions. As always, we thank you for your continued support.
Jim Hansen
President/CEO
