Dear NFCU Members and Potential Members:
Times are tough, especially in Nevada. We wanted to make sure you know that your credit union remains strong, continues to grow and is focused on its members. Bottom line: it’s business as usual at your credit union.
As of mid-year, our retained earnings and net worth, also referred to as “capital”, totaled nearly $85 million — or 10.44% of total assets. This financial strength places Nevada Federal among the best-capitalized credit unions in the nation.
Nonetheless, we are not immune from local economic trends. As theunemployment rate increases and residential real estate values continue to decline, even some of our most credit-worthy members have encounteredfinancial hardships. As a result, we found it advisable to set aside nearly $25 million for potential future loan losses.
Many members know that NFCU is not just banking and are coming to us for investments and financial planning, too. Very favorable operating results were seen in new membership growth, mortgage origination and several of our specialized business lines such as Insurance Services and Community Realty.Net income from operations during the first half of the year was very strong, at well over $4 million.
During the first half of 2009, we were also excited to introduce Green Checking, our new environmentally friendly checking account. We were likewise happy to open our newest neighborhood branch, at North 5th and 215 in the Deer Springs shopping center.
We’ve also listened to you. As a not-for-profit cooperative, it is important that each member contribute. It is a delicate balance to define participation among members with loans, money on deposit or those who provide fees for the services they receive. As such, effective immediately, we decided to reduce several fees.
Finally, our mission has not changed: We will be the trusted provider of superior financial services for our member-owners. We look forward to serving you and your family for many years to come.
Bradley W. Beal
President / CEO
Nevada Federal Credit Union