|
A Message from GENCO FCU President, Neil Ling
In today’s economic climate, many people are beginning to question how secure their money is at a financial institution. Recent media reports on financial institutions that participated in risky real estate lending practices have caused great concern. You may ask how your Credit Union is doing in these trying times when many financial institutions are suffering big losses. I am pleased to report that GENCO remains strong and healthy.
While some lenders have lowered their credit standards, engaged in subprime mortgage loans, and offered below market introductory rates, GENCO has remained committed to sound underwriting standards and responsible lending practices. We are not experiencing the problems these lenders have encountered and we continue to operate in a safe and sound manner.
Additionally, your GENCO savings are now insured to at least $250,000 by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States government, just like the FDIC. Both traditional and Roth Individual Retirement Accounts (IRAs) are separately insured to at least $250,000 as well. For more information in insurance coverage, please visit www.ncua.gov.
At GENCO we take pride in meeting our members' needs. We have funds to lend and we stand ready to help you with the purchase of a new home or to refinance your existing mortgage. We can also help you with the purchase of your new or used car.
As a member owned financial cooperative, we never forget that you the member are the owner. We are here to provide our members with exceptional products and services. We take great care to ensure the continued fiscal health of our credit union. In times such as these, we are pleased that our conservative management has helped us to avoid some of the issues facing other financial institutions.
Thank you for your business and we look forward to serving you in the future. Stop by any one of our 6 locations or call us on the phone to see how we can help you today.
President, GENCO Federal Credit Union
|
