(1957 - 2007)

REST ASSURED: YOUR CREDIT UNION DEPOSITS ARE SAFE AND SOUND!     In recent weeks, there have been numerous media reports about the funding difficulties of various financial institutions resulting mainly from the subprime mortgage crisis.  With all the press about bank failures, our members naturally have had concerns and questions about the safety and security of their savings deposits.  

It should first be pointed out that Pipefitters Steamfitters Credit Union is well capitalized and has not been directly affected by the subprime mortgage problems simply because we do not underwrite or fund first mortgage loans (for home purchase or construction).  The Home Equity loans that we do offer in the form of second mortgages are underwritten using very stringent and conservative credit guidelines. 

Secondly, credit unions are member-owned, not-for-profit cooperatives.  Unlike most banks and mortgage brokers, we're not out pushing risky loans on our members just to make a quick dollar.  We care about your financial well-being, because your financial soundness is vital to the financial soundness of the credit union as a whole. 

Finally, just as the FDIC fund insures deposits at banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings up to $250,000 per credit union member account along with up to an additional $250,000 for certain retirement accounts such as IRA's. The  NCUSIF fund is administered by the National Credit Union Administration (NCUA), an agency of the federal government, which recently reported that the NCUSIF fund remained strong at mid-year and was projected to remain strong.  

 In addition, your credit union is required to operate with a safety net of capital referred to as 'undivided earnings' and other reserves.  This capital 'cushion' helps the credit union weather temporary setbacks.  And, your credit union must maintain an 'allowance for loan loss account' which is money set aside to make up funds lost if and when members fail to repay loans. 

So spread the word- your funds are safe at Pipefitters Steamfitters Credit Union!

James S. Kavaloski, President                           

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Holiday Gift Ideas from your Credit Union!!

Four new styles/colors of Long Sleeve mock turtleneck Tee shirts with the embroidered Pipefitters Credit Union logo tastefully displayed.  All sale proceeds to be donated to the Children's Miracle Network.  Stop by the credit union office to view colors and styles.  Available as supplies last, so hurry!!