Dear MCCU Members, In light of the recent bank failures and the downturn of our economy, I would like to take this opportunity to reassure you that MCCU is financially stable and sound. In fact, we are in better financial shape than most of our local credit union and small bank competitors. We never took part in any sub-prime lending, nor have we ever been involved in any type of risky lending practices.

While we want to help all members, we are very prudent and stringent in our lending procedures and policies.

 

The credit union is very well capitalized. Our net worth ratio as of April 30, 2013 is 9.66%. Regulators consider a credit union well capitalized at 7%. Being well-capitalized means your credit union has solid financial strength.

The National Credit Union Administration (NCUA) is the federal agency that insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. All member deposits are federally insured by the NCUA and backed by the U.S. Government up to $250,000 and IRA accounts are insured separately up to $250,000.

MCCU has been in business since 1963 and serves all communities in the San Fernando, Santa Clarita, and Simi Valleys. We have two branches – Chatsworth and Northridge. I am proud to say that have been awarded Best Bank/Credit Union by the readers of the Los Angeles Daily News four times, most recently in 2012!

I want you to know that your credit union is in very good financial standing and your money is safe here. If you have questions regarding how much your MCCU accounts are insured for, please call a Member Service Representative at 818.993.6328.

For further information regarding NCUA coverage, please visit their website at www.ncua.gov or call their Consumer Assistance Center at 800.755.1030 (press 1 for share insurance questions) Monday-Friday from 8:30 a.m. to 6:30 p.m. EST.

Thank you for your continued membership. We value your business and are happy to serve your financial needs now, and into the future.

 

Dale Verderano
President/CEO