Financial Update of Your Credit Union (cont.)
As you hear more and more in the news about turbulence for the financial sector nationally, Superior wants to continue to provide you with ongoing updates regarding the safety and soundness right here at your local credit union.
Did you know?
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Superior is well-capitalized, maintaining nearly twice as much capital as the NCUA requires credit unions to keep. Our current capital ratio is over 12%.
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Superior is profitable – at a time when many financial institutions are writing down earnings and stocks plummet, Superior is consistently achieving strong net income. At the same time, we continue to pay competitive dividends and offer loans at low rates to our members.
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Superior’s delinquency remains low – our delinquency of 0.55% is half the national average for credit unions.
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Superior – which avoided sub-prime mortgage loans altogether – keeps only solid credit quality mortgage loans in our loan portfolio, allowing us to minimize risk. And our real estate loans are made to members, locally, not out-of-state to people you don’t know.
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Your deposits are federally insured up to $250,000 and backed by the full faith and credit of the United States government.
Your Board of Directors and credit union management remain focused on the overall safety and soundness of the credit union. You can rest assured that your deposits are safe at Superior Federal Credit Union. If you ever have any questions about the financial soundness of Superior, please feel free to call Kurt Neeper at 419-879-3502.
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