You don’t need to hear it from me about how the financial community and especially the banking sector are in turmoil.  I’m not going to rant about how we got into the current economic conditions nor the cost to us taxpayer for the “bailout.”  You have heard enough about the greed and irresponsibility.

I know this is unnerving, and I am proud to report that America ’s credit unions remain the safest of all depository institutions.  Credit unions have weathered every financial storm since the Great Depression.

• Credit unions as a whole are healthy, with strong balance sheets.
  
• Credit unions have steered clear of the subprime mess.  We are still lending responsibly.
  
• Federal insurance (NCUA) covers our credit union.
  
• Credit unions are a safe harbor for consumer savings.

What as a member you need to know is that at Stark Federal Credit Union your savings are insured to at least $250,000 and backed by the full faith and credit of the United States Government.  If you have more than $250,000 at Stark Federal Credit Union there is much more federal insurance coverage available depending on how you set up the ownership structure of your accounts.  Individual Retirement Accounts (IRAs) are separately insured from any other account at SFCU up to $250,000.

Detailed insurance information is available at our offices or by
calling NCUA at 1-800-755-1030 ext. 1.