Statement of Financial StrengthAs of July 1, 2009
Dear Valued Member:
The center of our financial strength continues to be our capitalization and liquidity. Despite a turbulent economic environment, we are still in a very good position to offer the Membership exceptional value while maintaining excellent service standards.
5-Star Rating
E-Central has received a 5-star (Superior) rating as "a safe, financially sound credit union, operating well above regulatory capital requirements" from BauerFinancial, an independent firm (based on March 2009 data).
Financially Sound
Our capital remains very strong at 10.75%. Our Delinquency and Charge-off Ratios continue to remain below industry averages. We are proud to have been able to help many of our borrowers in their time of need through payment deferral, restructuring of debt, or modification of rates or terms.
We are Still Lending
While other lenders are scaling back their operations and tightening their credit standards, E-Central continues to lend to needing Members and local businesses. Whether it's an auto, home or small business loan, Members can take comfort knowing they can turn to E-Central.
Savings Protected up to $500,000
E-Central continues its heritage of offering some of the best Savings and Certificate rates in the area. Your savings are federally and privately insured up to $500,000 by the National Credit Union Administration (NCUA) and American Share Insurance (ASI). Your IRAs are also insured up to another $500,000.
Sincerely,
Mike Theodore
President/CEO