 Dear Members,
It goes without saying that these are turbulent times. In the midst of it, credit unions are weathering the storm.
Conservative growth, conservative financial management and sticking with what we do best have contributed to safety and soundness over the 80-year history of Virginia Credit Union.
As always, your Virginia Credit Union is here to serve your borrowing needs, provide a safe place for your deposits to grow, and to help you with financial resources and advice. Unlike some other financial institutions facing the “credit crunch,” we have money to lend. Members benefit from low rates on home loans, car loans, credit cards and other loans.
Your credit union has maintained its sound financial condition by acting in members’ best interest. We were not involved in high-risk mortgage lending and do not engage in lending practices that are detrimental to members. We have focused on the best type of loan and doing what is right for individual members.
In addition to being financially sound, Virginia Credit Union is federally insured by the National Credit Union Administration (NCUA), a U.S. Government Agency. NCUA provides coverage on deposits at federally insured credit unions, just as the FDIC (Federal Deposit Insurance Corporation) provides coverage for federally insured banks. As part of the Emergency Economic Stabilization Act of 2008 signed into law on October 3, 2008, this insurance protection increased to $250,000 on all types of accounts until December 31, 2009.
We know that members are experiencing greater financial challenges in these trying times. If you need help with budgeting, saving or credit concerns, please contact us. We have many resources to assist you, such as the BALANCE program.
If you are having difficulty making your credit union loan or credit card payments, don’t wait. Please call us. We can talk with you about your situation and possible solutions to help you.
As we navigate through these challenging times, we continue to focus on improving service to members. Planning is under way for several new branches to open in 2009 and more over the next few years. We are making enhancements to online and other services to provide greater convenience.
With the changes in the financial markets, you may have family and friends who are looking for a safe, sensible place for their deposits and an affordable source for loans. I hope you will tell them about your credit union.
The sole purpose of your member-owned credit union is helping members get ahead financially. Please contact us anytime you have questions about financial matters, and tell us how we can help you and your family.
Thank you for allowing us to serve you.
Sincerely,
Jane Watkins
President and CEO
Virginia Credit Union |
