A Message from the CEO
Over the last few days, many headlines have been about big banks and interventions by the FDIC. We believe it's important to be transparent about how we operate and safeguard your deposits.
As your credit union and partner, we wanted to communicate that we employ sound business practices to ensure the safety and soundness of our institution.
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We report to members, not shareholders: As a credit union, we are cooperatively owned by our members. We are not for profit, but for service. Our mission is to serve our members with financial products that improve their financial status.
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We maintain a strong capital position: As of December 2022, Firemen's Federal has a capital ratio of 11.56%, nearly twice what is required by NCUA and over 100 basis points above the peer average.
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Our regulators are the NCUA, not the FDIC: We are regulated by the NCUA with consistent exams to ensure the safety and soundness of the credit union. We continue to exceed the NCUA's expectations each year.
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Your funds are insured: Firemen's Federal is federally insured by NCUA. Your deposits are safe and secure regardless of what is happening in the market. Visit MyCreditUnion.gov for a full explanation of insured deposits.
Our Management team and Board of Directors work tirelessly to ensure your deposits and the credit union are safe. We do not believe in growth for growth's sake. Our measured approach has kept the credit union positioned to serve our communities with a personal touch while introducing new services and products since 1934.
As mentioned above, we are a cooperatively owned credit union. We serve you, not shareholders. Since 1934, we have put the needs of our members and communities first. That will always be the driving force of this credit union. We are people helping people reach their goals.
Thank you for your trust and confidence.
Judy DeLucca
Chief Executive Officer