A Message from the CEO
With everyone's concerns about the current economic state, I wanted to take a moment of your time and make you aware of Cowlitz Credit Union’s safety and soundness.
• Your deposits are federally insured by the National Credit Union Share Insurance Fund, part of the National Credit Union Administration (NCUA), an agency of the United States Government. Each Cowlitz Credit Union savings account is federally insured to $100,000, and IRA accounts are insured up to $250,000. The NCUA has never taken a loss in its 38 years of existence.
• Because we are a not-for-profit financial cooperative owned by our members, Cowlitz Credit Union has not fallen victim to the same pitfalls as some of the banks. We don’t make sub-prime loans, and as a result, our delinquency ratio is low. We’ve never sold our loans to Fannie Mae or Freddie Mac. At the same time, we maintain a highly conservative investment portfolio. We’re not driven by the profits Wall Street demands; we are driven by serving you. And that makes us a safe alternative to banks.
• As a member-owned cooperative, Cowlitz Credit Union’s balance sheets are not affected by the volatility of the stock market.
• Our capital ratio is at 11%, well above the 7% which our regulator defines as “well capitalized.” What’s more, BauerFinancial, Inc. an independent financial rating system, has granted Cowlitz Credit Union its highest rating for safety and soundness: 5 stars. I invite you to see for yourself at www.bauerfinancial.com.
• While other lenders are tightening restrictions and cutting back on lending – we are continuing to offer loans and are increasing our marketing efforts to get the word out to our members that we are here to help!
If you have any concerns, please feel free to call us at 360-425-7570 or 888-425-8845 to speak with us about your insured accounts. You may also call the NCUA at 800-755-1030.
Virginia Russeff,
President/CEO
Cowlitz Credit Union
For more about federal savings insurance at credit unions, visit "America's Credit Unions" website at www.creditunion.coop.
To determine how much of your savings at your credit union is covered by federal insurance, visit the NCUA insurance calculator at http://webapps.ncua.gov/ins/.
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