2.16.10 Memo to members regarding inaccuracies in CU Journal Article

An article in this week’s Credit Union Journal contains a number of inaccuracies concerning VACORP.  The most egregious of which is the statement VACORP has more than $1 billion of unrealized losses in its investment portfolio.  In actuality, VACORP’s unrealized losses are less than $1 million and, as stated previously, the corporate has every expectation of holding the affected securities until they mature.  

 

VACORP was not contacted to confirm any of the information that was contained in the article.  It is unfortunate that the CU Journal did not exercise more care in their research.  We apologize for any undue concern this misinformation may have caused.  If you have any questions, please don’t hesitate to contact us.

 

Don Chapman

Interim President/CEO of VACORP