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We know that you are hearing a lot of troubling information
in the news lately. The list of failed or failing banks, investment and
insurance companies have grown considerably. News regarding bank failures such
as IndyMac bank and government bailout plans for Fannie Mae and Freddie Mac are
enough to make anyone concerned. It’s bad enough that we have to contend with
rising gas prices and food bills, and a stock market that is so erratic that we
are not sure where to turn to anymore.
I want you to know that your credit union remains safe, strong and secure. Meadows Credit Union has never engaged in sub-prime mortgage lending – the issue at the root cause of many of these failures. Our mortgage and home equity products are designed strictly for our members with your financial safety and well being in mind.
MCU has a strong balance sheet. Our earnings and our
liquidity remain strong. MCU is classified as a “well capitalized” financial
institution – which is the highest regulatory capital designation for safety
and soundness. Your deposits are safe. Your credit union
deposits are federally insured and backed by the full faith and credit of the U.S. government up to at least $250,000 (and separately up to $250,000 for an IRA account). Credit
Union deposits are insured by the National Credit Union Share
Insurance Fund (NCUSIF) which is similar to the FDIC insurance of banks. No credit union
member has ever lost a penny in a federally insured credit union. In addition,
we are monitored by both the federal and state governments to ensure our safety
and soundness. We also engage independent audit firms to monitor our internal
controls and adherence to
best practices.
We have, and always will, operate in a safe and sound manner. We exist strictly to serve you. You can be assured that we will always look out for your best interest. Part of that responsibility is to ensure that your credit union is safe and sound – today and tomorrow.
In this time of economic uncertainty, please know that we
are truly here for you our member. MCU has always been a trusted
source – for 67 years. We know that some of us may be
experiencing budget strains or financial concerns that we have not had to deal
with in quite some time. Give us a call at
800-662-2772 or email us securely, with any questions or concerns.
That’s why we are here.
Sincerely,
Ed Buettner
CEO, Meadows Credit Union
If you would like more information concerning deposit
insurance as well as information on maximizing deposit insurance coverage –
give us a call or
access this link.
