Provident Among Strongest
Credit Unions in the Country

Print

Recent days have brought unprecedented turbulence and turmoil to the financial services marketplace. With many significant bank failures, mergers and government interventions playing out in just a few short weeks, it's easy to feel uncertain about your own financial situation. I want to reassure you that Provident remains 100% sound and that your deposits are now insured to the highest levels ever.

• Provident is backed by the strongest federal deposit insurance in the industry through the NCUA (National Credit Union Administration). As of early October 2008, this insurance — the NCUSIF (National Credit Union Share Insurance Fund) — fully insures all member deposits to at least $250,000 (an amount identical to the new coverage level available to banks through FDIC and up from the $100,000 amount covered by both banks and credit unions previously), with an additional $250,000 insurance for Individual Retirement Accounts. For more information, click here to watch the informative video "Understanding Your NCUA Insurance Coverage".
• For the 59th consecutive quarter, we received a 5-star rating from BauerFinancial, Inc., the highest rating achievable. Provident is among just 23% of the nation's credit unions to receive recognition from BauerFinancial, Inc. as an “Exceptional Performance Institution”. This independent agency is renowned for rating financial institutions on their solvency and soundness — and for continuing to hold to its rigorous standards in assessing financial institutions across the country.
  
  “It gives me great pleasure to announce that there are still financial institutions, like Provident Credit Union, that continue to build a sense of security in this insecure world. Provident Credit Union's members have the privilege of belonging to a well-run, common sense credit union. They can sleep soundly in the knowledge that they belong to one of the strongest credit unions in the country” according to Karen Dorway, president of BauerFinancial Inc. in an October 2008 press release [PDF].
• Provident's high levels of capital are proof of its financial strength. The National Credit Union Administration considers a credit union with 7% capital reserves as “well capitalized”. Provident far exceeds this number with $1.6 billion in assets and over 12.5% in capital reserves.

Rest assured that your money is safe and sound with Provident. Provident continues to operate with the same common sense, conservative approach we have followed throughout our 58 year history. Please be sure to contact us if we can answer any questions or concerns for you.

Regards,

Wayne Bunker
President & CEO