Much of the financial news over the past year has been troubling for everyone. Some major financial players have been dissolved, merged by others, bailed out and so on. Stories of recession, foreclosures, decreasing home prices and inflation have abounded in the media. Many of the headlines were at the national level but even in our local market are troubled financial institutions. All of this has likely raised questions in your mind such as “How is my Credit Union doing?” or “Is my money safe at my financial institution?”
I can assure you that the board and management of Kitsap Credit Union have never compromised in any way, the financial safety and soundness of your Credit Union. Kitsap is as solid now as in any of the previous seventy four years. Management has put safety and soundness as the number one priority to ensure that your deposited funds are protected from loss. Conservative business practices have always been the norm. NCUA, the Credit Union regulator, also maintains a fund that insures your deposits up to $100,000. Be assured that the board and management have planned for all economic cycles, good or bad.
Over the past year, members have deposited their money into share accounts, seeing Kitsap Credit Union as a “safe haven”, away from volatile stock markets and troubled financial institutions. This growth in savings has provided funds to lend to the borrowing members, who see the credit union as a safe and sound place to do their financial business. More loans were issued to members in 2007 than any previous year. This record lending volume has continued through the first four months of 2008.
I hope you will share my confidence in knowing that Kitsap Credit Union continues to be the safest place for you and all other members to do their saving, borrowing and all other financial transactions.
Federally insured by NCUA
Equal Housing Lender