Letter from Our President/CEO
As you watch or read the financial news, it would be understandable to question the soundness of all financial institutions. The financial news from Pee Dee Federal Credit Union is positive.
Pee Dee Federal Credit Union is Financially Strong
Friday September, 2008
While some other institutions are being severely tested, we are reporting solid earnings and core financial strength. Our financials reflect this good news.
The Credit Union’s largest holdings, some $13 million of the $20 million in assets, are in loans to members. I’m proud to report that members continue to repay their loans here in spite of the challenging economy. The number of American homes in foreclosure is at the highest level on record and homeowners’ equity is now at a post-World War II low. The quality of a loan portfolio is largely measured by overall delinquency. With only 1.30% of our loans in technical delinquency, 98.8% are current; this is a fraction of the national bank average and also better than most other credit unions. Thanks to our members for honoring their commitments!
Equally important, our investment portfolio is sound. We have no sub-prime securities because our investments are federally backed. If the difficult times have proven anything, it’s that members can count on the trusted integrity and long-term focus that guides Pee Dee Federal Credit Union’s mission.
The shares in Pee Dee Federal Credit Union Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), where not one penny of insured savings has ever been lost by a member.
Each Pee Dee Federal Credit Union share account is federally insured to at least $250,000 by the NCUSIF. Traditional and Roth IRAs retirement accounts are insured up to $250,000 by the NCUSIF.
This is certainly a challenging time likely to get even more challenging. The good news is that Pee Dee Federal Credit Union remains strong and very capable of navigating difficult waters. Remaining faithful to our mission, we have a trusted opportunity and responsibility to make a life-impacting difference for every member. We are honored to serve in this cooperative movement where “People Caring about People” matters more than making a profit. Thank you for being a member.
Sincerely,
Robin Williamson
President/CEO
For more information regarding the shares in your credit union please visit the National Credit Union Administration.
