In light of today’s recent financial market events, I want to assure you that your money is safe and sound here at Silverado Credit Union. While some financial institutions around the nation are experiencing instability, Silverado Credit Union is in sound financial condition with a strong capital position. Our reserves are in excess of those required by NCUA. We adhere to sound financial business practices and have established safe loan underwriting policies. We have never engaged in sub-prime lending. 

 

Silverado Credit Union has earned BauerFinancial’s highest ‘5 Star’ rating  again in 2008, and for the past 12 consecutive years. BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. The star ratings classify each financial institution based upon a complex formula which factors in relevant data including, but not limited to: capital, historical trends, loan delinquencies, profitability, repossessed assets, reserves, charge-offs, regulatory compliance and asset quality. 

 

Additionally, you can enjoy added peace of mind knowing that your savings are federally insured through the National Credit Union Administration (NCUA), a U.S. Government Agency.  The NCUSIF, an arm of NCUA, insures our member savings deposits up to $100,000. Additional NCUSIF insurance coverage in excess of $100,000 is available in most instances based on account structuring with proper documentation being completed.  Individual Retirement Accounts (IRAs) are insured separately, up to $250,000. 

 

The NCUSIF Insurance Fund is the credit union equivalent of the Federal Deposit Insurance Corporation (FDIC) that insures banks and is backed by the full faith and credit of the United States Government.  Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

 

I encourage you to call us at (707)965-2483 if you have any questions. I thank you for your continued support. Remember, we’re here to help make a difference in the lives of our members.   

 

Marilyn Van Dolson

President & Treasurer

Credit Unions are financial cooperatives. They are organized for the purpose of providing financial services to a certain group of people – the members.

Credit Unions exist not for charity, not for profit, but for service.

Others – to make a profit.

 

Credit Unions are financial cooperatives owned and controlled by their members.

Others – financial institutions that are owned by groups of shareholders who may or may not have accounts there.

 

Credit Unions are democratically structured, every member has an equal say about a credit union’s goals, functions, and services.

Others – Depositors are not guaranteed a vote. In a bank or savings and loan, only shareholders may vote on goals, functions, and services. In mutual banks, votes are weighted according to amount of deposits.

 

Credit Union members elect the directors who volunteer their time.

Others - Board members are elected by their shareholders and are paid.

 

Credit Union earnings are returned to members in the form of higher savings rates, lower loan rates, no or lower fees, and improved services.

Others – Earnings are returned to shareholders.

 

Credit Unions can build capital only through their earnings.