Monday, March 23, 2009

Corporate Credit Unions

By Konnie M. Werner, President/CEO

You may have heard in the news that two credit unions (U.S. Central Federal Credit Union, Kansas and WesCorp Federal Credit Union, California) were taken over by the National Credit Union Administration (NCUA) on Friday, March 20. This was a result of accounting losses related to mortgage-backed securities investments. It is important to note these “corporate” credit unions in Kansas and California do not serve individual consumers.

We want to reassure you that these events do not impact the safety and soundness of Team One Credit Union. Our service to you is not affected by these government actions.

As a reminder, your funds are insured up to $250,000 by the National Credit Union Share Insurance Fund. No credit union member has ever lost a penny of federally insured funds.

For further reading, please be sure to take a moment to read this article from CNN Money, Credit union members: Don't panic.

We will continue to offer the most competitive rates and quality service so that our members can feel secure bringing their financial needs to us.