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Government Insured Safety - SLFCU Top RatedFor the safe place to save or borrow, talk with us.
They just don't get it. The concept of a not-for-profit bank is a puzzle to some non-credit union people. Why is “member-owned” a good business model in our free-market society? Current business news is full of the painful answers. The lending institutions under those “bank gloom” headlines would love to have our loans on their books and our members as their loan and savings customers. Credit union members are looking pretty smart these days.
At a time when banks, mortgage brokers and insurance companies have been battered by a weakening economy, vanishing credit supply and hundreds of disclosures of outright fraud at all levels, your Credit Union continues to help members get the low cost mortgages, consumer loans and secure deposit accounts they need for financial success. When times get tough, our members know they can rely on their CU. (This article continues below.)
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Links to National Credit Union Administration (NCUA) Account Insurance Information
Your Insured Funds (Brochure PDF)
NCUA Share Insurance Estimator
NCUA Insurance Call Center Number: 1-800-755-1030 (8 AM to 6:30 PM Eastern, M-F)
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Secure deposits, quality loans
(Continued from above.)
2008 was a record-setter at SLFCU, with over $206 million in new home loans to members — loans with high standards for underwriting, made to responsible people, backed by realistic property valuations. They're funded by government insured member deposits earning solid returns for our savers. Because members trust our safety, deposits have grown by $148 million, and assets now top $1.2 billion. This is people helping people — a centuries old credit union practice.
Worried about loan quality? Our overall past due ratio last year was a tiny 0.14% as of December 31. For credit unions nationally that ratio was higher — 1.01%. But the Mortgage Bankers Association reported that the number of bank loans past due or in foreclosure had jumped to 7.9% in December 2008.* CUs in general and SLFCU in particular have stayed out of the predatory and sub-prime mortgage business.
Safe savings — an SLFCU hallmark
For years, SLFCU has earned the highest ratings from our federal regulators and independent rating agencies. “SLFCU's ability to earn our 5-Star rating time and again speaks to its strength and longevity,” said Karen Dorway, President of Bauer Financial, Inc. With reserve funds now totaling over $125 million, SLFCU members enjoy the strongest protection against economic turmoil. And federal insurance gives savers even more peace of mind. Using IRAs, joint savings and trust accounts, an SLFCU family of four can have up to $1.9 million in insured savings at their CU. The National Credit Union Administration publication Your Insured Funds is available at www.ncua.gov and in the branches.
60 years of service and counting
SLFCU was formed in 1948 by 15 men and women working at Sandia National Labs — people a lot like you. Our commitment to integrity and to our members' best interest have always prevented us from making risky loans and investments. We're planning the next 60 years based on those same values. Stick with us, because we're for you.
*Source: Mortgage Bankers Association March 5, 2009
Please see the PDF Document to your top right entitled,
"America's Credit Unions are Secure and Strong."
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