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Message from the President
As Concerns Mount Over the Nation’s Banking System, You Can Continue to Rely on MAFCU
As media outlets continue to report on the “mortgage meltdown” and fallout in U.S. banks, I wanted to take a moment to discuss your credit union’s safety and soundness which remains extremely high in 2008 - our 40th year of service to our membership.
Our not-for-profit structure, volunteer board of directors and cooperative nature allow us to operate much differently than a bank. We have the unique ability to offer products and services that are in your best interest. This is one reason that we have never made a “sub-prime” mortgage loan. And although we have seen more of our members having difficulty making their loan payments, we find that many of our members continue to make their credit union loan payments despite personal hardships. We thank you for your loyalty and trust in us. This allows us to continue to offer financing to other members for home loans, cars, and more.
We continue to receive excellent ratings from both our federal examiners and independent auditors. Putting our members’ needs first has allowed us to build much higher capital reserves to draw upon during financial storms, like this one. As banks struggle to show profits to shareholders and stem losses from risky loan business, your credit union is in a much stronger position to help you achieve your financial goals by continuing to offer attractive deposit and loan rates and the individualized service you’ve come to expect.
Not everything in this economy should be evoking fear. With the right help from MAFCU, this is actually an excellent opportunity for many members to get their finances back on track with better budgeting, saving and responsible debt management practices. This is why we offer Balance, a Financial Fitness Program, for FREE to all of our members. Just click here to find out more about how to take advantage of this free and confidential credit counseling service. MAFCU also offers higher insurance levels than most other financial institutions. In addition to the $250,000 government insurance through the National Credit Union Administration, MAFCU offers an extra $250,000 through Excess Share Insurance, Inc.
Sincerely,
Rick Wieczorek, President & CEO