March 01, 2009

Member Deposits Safe and Solid following NCUA Action

The National Credit Union Administration has announced that it has taken conservatorship of two corporate credit unions. These corporate credit unions do not serve individual members, like Arizona State Credit Union. They serve the national credit union system. The action by the NCUA in no way impacts the operations of Arizona State Credit Union.

“We are safe, solid and secure,” said David E. Doss President/CEO. “The action by the NCUA assures that the entire credit union system, which serves more than 90 million members remains safe and sound.”

Arizona State Credit Union holds deposits in only one of the two corporate credit unions and those deposits are fully insured. “We are completely satisfied with the NCUA’s assurance that these deposits are in no way at risk,” Doss said

NCUA Chair, Michael Fryzel commented that the action… “leaves the entire credit union industry stronger as we move forward. He told credit unions. “You have built a strong and vibrant credit union industry, one that continues to have tremendous value for America’s consumers.  In times of difficulty, it is always important to rely on your basic principles of; commitment to your members, prudent and sound operations, and a recognition that, working cooperatively, there is nothing we cannot accomplish.”

Arizona State Credit Union serves over 130,000 members across the state of Arizona and is considered well capitalized by both federal and state regulators. All deposit accounts are insured to the maximum $250,000 per individual account holder by the National Credit Union Administration, which is backed by the full faith and credit of the United States Government.