Dear Credit Union Member:

 

 

On March 20, 2009, the National Credit Union Administration (NCUA), the federal regulator for federally-insured credit unions, placed two “corporate credit unions,” U.S. Central Federal Credit Union and Western Corporate (WesCorp) Federal Credit Union into conservatorship. “Corporate credit unions” are similar to Federal Reserve Banks and do not deal directly with consumers, but provide investment, financing, check clearing, and other services to “retail credit unions” (also called “natural person credit unions”) such as Dow Credit Union.

 

We wish to assure you that these actions by NCUA have nothing whatsoever to do with Dow Credit Union and do not affect your deposits at Dow Credit Union. In fact, NCUA’s actions to stabilize corporate credit unions were taken to assure the continued safety and soundness of local “retail” credit unions across the nation. You can rest assured that your funds on deposit are insured by the National Credit Union Share Insurance Fund (NCUSIF) and continue to be backed by the full faith and credit of the United States Government, up to at least $250,000. In addition, Individual Retirement Accounts (IRAs) are insured separately up to $250,000.

 

While “retail” credit unions have not been immune to the national economic downturn, we are well-capitalized overall, we are strong, and we are well-positioned to weather the storm.  We thank you for your continued participation as a member-owner of your credit union. Please do not hesitate to contact us here at your credit union, if you have any concerns or questions.

 

 

Sincerely,

 

Bonni Bergstrom

President/CEO