Message From Delaware First Federal Credit Union President
Delaware First Federal Credit Union continues to be healthy.
As you watch or read the financial news, it would be understandable to question the soundness of all financial institutions. As previous credit union communications have stated, the financial news from Delaware First is very positive.
Delaware First Federal Credit Union provides training and education necessary to facilitate the business of its members as deemed appropriate by the credit union’s Board of Directors, who are uncompensated volunteers from among the members served.
As a federally insured credit union, Delaware First is restricted to federally insured or backed investments. Federally backed securities are considered the most secure of all investments.
The shares in your credit union are insured through the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government. The NCUSIF was established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC) that insures banks and thrifts. The insurance coverage is currently $250,000. Visit http://webapps.ncua.gov/ins to calculate your account insurance coverage.
Our members continue to repay their loans in spite of the challenging economy. As previously stated the quality of a consumer loan portfolio like ours is largely measured by its overall delinquency. I send my sincere thanks to all of our members for honoring their borrowing agreements with us.
In closing, I’d like to assure you that your credit union is financially strong. Our Net Worth or Capital Ratio is 12.00%, which is much stronger than the minimum requirement of 7% to be a Well Capitalized Credit Union. This continues to be a challenging time and will likely continue to get more challenging in the months ahead. The good news for our credit union members is that we remain strong and very capable of navigating these difficult waters.
I would like to personally thank each and every member for your continued trust and support.
Sharon A. Schaeffer