A message from President John Edwards: We’re safe and sound
If you’ve heard the news recently, then you’re probably aware there has been a great deal of speculation about financial institutions and their stability. There’s no denying that we’re in economically challenging times; which is why I wanted to take a moment to assure you that you’re a member of a financially strong, well-capitalized institution.
As a member-owned institution, we’re committed to managing our members’ funds wisely. As we always have been, Connex Credit Union is vigilant about reviewing our lending practices to ensure we’re making sound lending decisions and maintaining a well-balanced portfolio. It’s also why Connex never originated “sub-prime” loans. These types of loans are risky lending propositions, as has come to light over the last several months.
Our capital ratio is, and always has been, well over the National Credit Union Association’s (NCUA) definition for well capitalized, meaning we have the funds necessary to support long-term, future growth.
We’re also constantly evaluating our business operations to ensure Connex remains safe and sound. As a NCUA insured and Connecticut chartered credit union, Connex is reviewed annually by both the Connecticut Department of Banking and the NCUA. We received high marks on our September 2007 review in all areas including: capital adequacy, asset quality, management expertise, earnings strength, and liquidity.
We invite you to review our annual financial reports anytime by visiting www.connexcu.org. You can also track our progress quarterly by visiting ncua.gov, clicking on the “Credit Union Data” link, and entering “Connex.” The NCUA site provides Connex financial reports back to June 1990.
In case you’re wondering about your share accounts (deposits) at Connex, I want to remind you that they’re insured through the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, which is backed by the full faith and credit of the U.S. government. Each individual account holder is insured up to $100,000 for standard share accounts (checking, savings, instant access, and certificate accounts) or up to $250,000 for retirement accounts. There are ways to increase your insurance coverage, and we invite you to visit connexcu.org to learn more. If you have deposits at federally insured banks, they are most likely insured by the FDIC, which works essentially the same as the NCUSIF.
On behalf of all of us here at Connex Credit Union, we’re committed to helping you through these difficult economic times and ensuring that your credit union remains financially healthy and fiscally strong. If you would like any additional information or have any questions, please give us a call at 800.CRUNION.
Thank you for your continued membership.