Members Credit Union

An Open Letter to Our Members

October 3, 2008

Dear Member,

In this time of financial uncertainty, it is important to know that your money is safe and secure at Members Credit Union.  Credit unions are not for profit financial institutions that are owned and governed by their members.  We did not participate in any of the activities that created the current financial situation that our country is facing.   Neither our personal principles nor our regulator, the CT Department of Banking, would allow us to place our members in or invest in sub prime mortgages.  Our board of directors, made up of volunteer members, believe in setting conservative policies that protect you, the member, while bringing you the best services possible.

At MCU, we are well capitalized and have adequate resources to weather this financial storm.  We have sufficient liquidity to meet your borrowing needs and your accounts are insured to $250,000 for regular savings and $250,000 for IRA, by the US government through the National Credit Union Share Insurance Fund. 

Credit Unions have been receiving a good deal of national press recently, presenting us as the haven in the storm.  One of many - on September 19, Neil Weinberg of Forbes magazine said "They tend to be conservatively managed and federally insured, which in this day and age is what you want.  You want to jump on board."   His interviewer, Susan Lisovicz of CNN, replied ?I got the message; you want to go for a credit union. Grab them while you can."

At Members Credit Union, we exist solely to serve our members; people who live, work, worship or attend school in Fairfield County, CT.  We belong to our members and our community, and we invest the majority of your deposits back into our local community in the form of loans to our members.

Our rates are competitive for both savings and loans, and when you deposit or save with us you can trust that you are investing in a cooperative that believes in our mission ? Making Lives Better.

If you are having personal financial struggles, we offer financial counseling at the credit union, as well as by phone and online with Balance, our financial counseling partner. 

We appreciate your continuing support, and pledge to continue to protect your trust and participation with Members CU by operating in a sound and prudent manner, bringing the best programs and service possible to our members.

Please feel free to contact me or any of our MCU staff with your comments or for assistance with your personal financial needs.

Sincerely,

Kathy

Kathy L. Chartier

President/CEO