Credit unions in Wisconsin and elsewhere are adding up the costs of the recent failure of Central States Mortgage Corp. of Wauwatosa, and the current tab appears to be $5 million and counting. In the fourth quarter the 25 credit union owners of CSMC charged-off almost $3 million of stock they held in the 25-year-old company, according to call report data submitted to the National Credit Union Administration. In addition, several CUs are taking hits on Central States loans they participated in. The Wisconsin CU League, also an owner, is believed to have charged-off the value of its shares.
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