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Holy Rosary Credit Union -
Safe, Secure & Strong |
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The recent problems facing financial services companies like Lehman Brothers, AIG, and Merrill Lynch have many consumers on edge about their savings and retirement funds. But, while times have been trying for those institutions that invested heavily in the sub-prime mortgage market, credit unions have grown in financial strength in 2008 and have stayed clear of that risk. Holy Rosary Credit Union’s policy has always been to write mortgages to the highest standards and do so fairly and ethically. By following these standards, we have experienced a lower than average mortgage delinquency rate over many years, and have not had any foreclosures during the recent crisis. We are proud to have accomplished this while still managing to be among the leaders of mortgage lending in our community.
Members should feel confident that our insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), is the strongest of all federal deposit insurance funds. Established by Congress in 1970, this fund is managed by the National Credit Union Administration (NCUA) and insures each member’s deposits for up to $250,000 and in many cases for much more depending how your accounts are set up. In fact, all members’ IRA funds are insured up to $250,000 by the NCUA.
Furthermore, Holy Rosary Credit Union carries Excess Share Insurance (ESI which covers members an additional $250,000. ESI is a private insurer that carries a higher equity ratio than even government insurance funds.
There is risk in all markets right now but you should feel confident that your money is safe in a credit union. Here are some interesting facts the Credit Union National Association published and can be viewed in more detail at www.cuna.org.
- Credit unions are well capitalized. The overall capital-to-asset ratio stands at a solid 11.1% (compared to 10% for banks). In dollars, that is a capital cushion of $90 billion.
- In the first four months of 2008, mortgages at credit unions grew faster than all other loans. This at a time when mortgage losses have forced other lenders to scale back or close their doors entirely.
- Savings at credit unions have grown 7%. In today’s economy, consumers are increasing their savings in response to concerns about their economic future.
For more information about how your money is insured at Holy Rosary Credit Union, please visit these web sites or feel free to call us:
HRCU’s top priority is the safety and soundness of your money, and to be a leading provider of loans for our community. You can rest assured that the confidence you place in us is a good decision.
I encourage you to call upon Holy Rosary Credit Union for whatever your financial needs may be, and to refer family and friends who may be in need of quality financial services from a trusted source. HRCU serves anyone who lives, works, goes to school in the State of New Hampshire. If you have a family member that is a member of HRCU, they are also eligible to join the credit union.
Regards,
Brian Hughes
President & CEO
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Tuesday, May 21
2:32 AM
Club Accounts work just like a savings account, with no minimum balance.
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About HRCU
