Progressions Credit Union is Safe and Strong
The recent failure of California-based IndyMac, the largest regulated thrift to fail in the last 20 years, has prompted some of our members to ask the question: Are my deposits safe? The answer is yes, all insured shares at the credit union are safe and secure.
You see, while credit unions and banks are both full-service financial institutions, credit unions differ from banks in that credit unions are not-for-profit financial cooperatives who are in business only to serve our members’ needs. Unlike other financial providers, we’re interested in our members’ long term financial health and want to be sure we help them make good long-term financial decisions. We exist to serve our members, not profit from them.
Progressions Credit Union has steered clear of the controversies and issues surrounding the subprime lending market because we lend responsibly. As an industry, credit unions operate more conservatively and tend to hold onto more of their mortgage loans (about 70%) in portfolio rather than sell them on the secondary loan market.
Progressions Credit Union went into 2008 and the current economy with a very strong balance sheet, and we expect to be in very strong shape when the economy starts to recover. In fact, in recent months we’ve become a safe harbor for consumer savings.Nationwide, savings at U.S. credit unions have grown nearly 7 percent since the beginning of the year. Consumers are increasing their savings in response to concerns about their economic future and discovering peace of mind when they deposit their money in a credit union.
Your Accounts Are Insured
Progressions Credit Union is federally insured by the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF insures your savings up to at least $250,000, with higher coverage amounts available for members with more than one account relationship, and certain retirement accounts insured up to $250,000. Click on the "Related Items" link below to learn more about how you can structure your accounts to obtain more than the minimum coverage.
The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government that recently reported that at mid-year, the NCUSIF remained strong, and was projected to become even stronger by the end of the year.
For more information on federal share insurance, you can download a pamphlet created by the NCUA entitled “Your Insured Funds,” and available at: www.ncua.gov/Publications/brochures/insured_funds/funds.pdf.
In these difficult economic times people are seriously examining their financial options and discovering that credit unions remain the first and best choice for managing their financial future. Often lauded as the ultimate self-help tool, cooperative credit unions like Progressions Credit Union remain true to the credit union credo that helped America overcome the great depression: Not for profit, not for charity, but for service.
Progressions Credit Union was originally formed in 1928 and officially charted by the State of Washington in 1932 as Spokane Postal Credit Union. The credit union began when employees of the United States Postal Service in the Spokane area decided to start a credit union at the very beginning of the great depression. During these current, as well as many other uncertain financial times over these past 80 years, we will continue as usual to work with our members to provide the financial solutions they need.