Your Shares are Safe & Your Credit Union is Solid!
2010 brought about continued national challenges as a result of the recession and uncertainty. Closer to home, our visitor counts drastically affected our local economy. Nearly every facet of the financial system has been injured by the downturn.
As we are beginning to experience a hint of economic recovery, we at VICFCU want to assure our members that your credit union continues to reside on solid financial ground. Much of the sour economic news over the past few years has focused on government bailouts and the infusion of capital to keep the for-profit financial services sector afloat. We are proud to say that VICFCU, through responsible lending practices and prudent spending, stands secure and is in no way, shape or form dependent on government assistance.
During this past couple of years, the National Credit Union Administration (NCUA), the federal regulatory agency which oversees the nation's credit unions, was forced to help stabilize corporate credit unions as well as bailout many natural person credit unions. The money used to pay for these rescue operations was not pulled from the taxpayer's pockets, as was the case for the for profit financial institutions. Rather it is being furnished by all natural person credit unions such as ours.
These assessments, which have no relation to the safety, soundness and strength of our credit union, are required due to the cooperative manner in which credit unions deposits are insured. Credit unions pay into the National Credit Union Share Insurance Fund (NCUSIF) to insure its member's deposits up to $250,000. This has of course created additional pressure on the credit union's bottom line this year. However, VICFCU has extremely strong capital reserves and we have emerged from this unfortunate circumstance unscathed. As a member of Valley Isle Community Federal Credit Union, you will continue to receive the great rates you have come to expect on our variety of loans as well as highly competitive interest on your deposits. And of course you can always rely on the great member services. Have a safe and wonderful 2011.