Valley CU is Safe and Secure
January 28, 2009, the National Credit Union Association (NCUA)
approved the biggest rescue in the history of credit unions with
a $1 billion cash infusion into U.S. Central Federal Credit
Union, the central bank for credit unions, to cover a $1.1
billion loss experienced in 2008. This was followed up by an
article in the January 29th Wall Street Journal:
“U.S. Moves to Bail Out Credit Union Network.”
we understand this could create some concern, we wanted to
provide you with some information regarding how this affects 1st
Valley Credit Union.
announcement is related primarily to the U.S. Central
Federal Credit Union which posted an unexpected $1.1 billion
loss for 2008. The $1 billion infusion is dedicated to
covering that loss. U.S. Central serves as the main
clearinghouse for wholesale credit unions.
Valley CU is not a wholesale credit union and although we
have investments with wholesale credit unions, we have not
experienced any losses through those relationships.
felt it important to let members know that 1st Valley CU is
not responsible for U.S. Central or its investment policies,
nor are we designated to receive any bailout funds.
Valley CU is safe, sound and secure. We have always
maintained prudent, conservative fiscal policies which have
resulted in our ability to achieve strong levels of capital.
Valley CU would like to reassure you that your assets with us
are safe, sound and secure.
click here to read
the message from our Board of Directors regarding our financial
statements for March 2009.