The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Huge Capital Means Your Money Is Absolutely Safe!

On March 30th, 2009, posted in: Uncategorized by

If St. Louis Community Credit Union’s capital position was on the menu at McDonald’s, it would be SUPER SIZE. If our capital was an SUV, it would be a tricked-out Escalade with the finest rims in the neighborhood. If the credit union’s capital position was a 1980s hairstyle, it would be really, really (I mean really) big hair. In other words, we have one heck of a lot of capital. The cushion we’ve created is the envy of the financial services industry (especially during these difficult times).

St. Louis Community has over 15% capital. That’s the percentage of our total assets that serves as our savings account. The state of Missouri requires us to be at 8%. At 8%, a credit union in Missouri is considered “well-capitalized.” So if you do the math, we must be “super-duper, colossal, deluxe, huge, over-the-top better than well-capitalized.” I’ve got one word for you – WOW!!!! Actually, another word too – SAFETY!!!

Over the years, we have taken the credit union’s earnings and put it away for the members in order to guard against difficult times. In other words, the more capital (savings) we have, the more comfortable you can be during difficult times. Well, guess what? Times are tough, but nevertheless, you can rest comfortably that your money is safe, sound and well managed.

Another way to look at this strong, safe and sound capital position is that you can rest assured that it is business as usual today and in the future. Lots of things are happening in the financial services world – wholesale credit unions included. But SLCCU’s history of capitalizing and creating a strong savings for a “rainy day” insures you have no worries. Add to our capital the $250,000 NCUA federal deposit insurance, and your money is safe in a REALLY BIG WAY!


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