Midwest Community Federal Credit Union:
Your Lifelong Financial Partner, Yesterday, Today and Tomorrow
Two words that will certainly not be used to describe our lives in 2008 are "boring" or "dull". The recent events playing out in our financial markets will certainly go down in history as one of the most challenging times faced by our country. While our nation as a whole faces the turmoil of a faltering economy and financial markets those of us in Northwest Ohio are more aware than most of these realities. Rising unemployment, skyrocketing gas prices, and falling home values are challenges we face every day.
One financial challenge you should not have to face in these uncertain economic times, however, is doubt about the safety or soundness of your financial institution. Fortunately, credit unions as a whole in our country, and especially Midwest Community, are healthy with strong balance sheets. We are well capitalized with over 10% capital, have low loan delinquencies, and have solid earnings year-to-date. Our financial soundness is your financial security.
We have seen a surge in deposits through the first half of the year as investors concerned with disruptions in the financial markets sought safety for their savings. Others have increased savings in response to concerns about their economic future. You can rest easy knowing your deposits in Midwest Community are insured for at least $100,000 by the National Credit Union Share Insurance Fund (NCUSIF) administered by the NCUA, an agency of the federal government. (To determine insurance coverage, see the NCUA's insurance estimator at : http://webapps.ncua.gov/ins/)
Midwest Community has also chosen to insure your savings balances for an additional $250,000 with private deposit insurance purchased through Excess Share Insurance, Inc. of Dublin, OH. Midwest Community understands your need for extra deposit protection as you save for college educations or a comfortable retirement down the road. Providing extra deposit insurance is just one more benefit we offer to provide you added peace of mind when it comes to your deposits at the credit union.
We take our responsibility to protect your financial well-being very seriously. Midwest Community is proud of our history of responsible lending; we steered clear of the subprime mess. Today, as always, we are here to meet your lending needs whether in the form of a first mortgage, auto loan, student loan or a VISA card. We remain committed to providing our members personal financial solutions to safely reach your financial goals.
The financial challenges we face today are nerve-racking and overwhelming for some. As your credit union we are here today to help you through the financial trials you may be facing. With our strong commitment to our members and a strong balance sheet to carry us through, we will be here tomorrow too.
Sonja Delaney
President/CEO
Please download and read the PDF America’s credit unions: Secure, strong for more information.
The NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1.
The NCUA electronic tool kit, online at www.ncua.gov/ShareInsurance/Index.htm, contains a variety of useful information on share insurance coverage to use and disseminate, including:
- NCUA Share Insurance 101 Webinar is scheduled October 7, 2008;
- Insurance estimator enables calculating an estimate of share insurance coverage;
- Your Insured Funds brochure details insurance coverage, with many examples;
- How Your Accounts Are Federally Insured brochure provides basic insurance information;
- Special Bulletin explains increased retirement account coverage in addition to basic insurance protection; and
- Letter to Credit Unions 08-CU-18, Educating Members on Share Insurance Coverage.
?I encourage credit unions and their members to utilize the Call Center and the electronic tool kit to the fullest extent possible,? Chairman Fryzel said.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.
-NCUA-
