Just got a reassuring note from my bank this morning:
In these distressing times, we want to assure you that NWFCU remains safe and sound and able to meet your financial needs. As the President/CEO of NWFCU, I would like to reassure you that we are in sound financial condition. Our capital reserves remain very strong and well above the regulatory requirements classifying us as “well capitalized”. These reserves are used to weather storms if and when they arise. We have millions of dollars to fund loans and provide for all of your financial needs. We continue to operate in the cooperative spirit under which credit unions were founded – not for profit but for service to our members – and have never participated in sub-prime lending, investments in mortgage backed securities, or other questionable practices.
While other financial institutions may not have money to lend, NWFCU has ample funds to lend. We are not part of the credit crunch problem and want to assure our members that responsible lending remains our priority at NWFCU. NWFCU invests in our member/owners by making loans to you. Over 97% of deposits are loaned to you in the form of traditional mortgages, equity products, consumer loans and credit cards. The other investments NWFCU makes are in conservative financial products such as government agency securities. These conservative and prudent lending and investment practices, which have been our foundation for over 60 years, have kept us safe, sound and a leader in the credit union industry.
GOD BLESS THE CREDIT UNION!
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mamie4 5/14/03
