In the midst of bank failures, mortgage failures and investment brokerage failures, your credit union remains safe, sound & secure! Be assured, that First Peoples does not make mortgage loans to individuals that do not qualify. We have never made subprime loans or engaged in risky lending practices to maximize profits as many other financial institutions have recently done.
As of October 3, 2008 all of our members' deposits are safe and guaranteed up to $250,000 by the NCUSIF, a government agency. Not one penny of insured savings has ever been lost by a member of a federally-insured credit union. First Peoples can work with you to make sure all of your funds are insured - even beyond $250,000. (Please click the link below for additional details.) Our asset base is solid and growing while our loan portfolio remains healthy with minimal delinquency. We were awarded the highest grades by the NCUA during our last financial examination. In addition, our last audit by Deleon and Stang, CPAs, reveals that we are a strong, solid financial institution.
There is much public concern regarding financial institutions and whether depositors' savings are safe. Most of these problems were brought on by financial institution's greed for excess profits. First Peoples is not driven by profit but simply by meeting our members' needs. We offer safety for their funds and superior service to meet their financial objectives.
As large banks, mortgage companies and financial institutions continue to face challenges; First Peoples remains financially solid, ready and poised to meet our members’ needs. Our strong capital position, combined with adequate insurance on your accounts, should provide you peace-of-mind that your funds are and will remain safe and secure. The mission of First Peoples CFCU is to exceed our member's expectations and to become their trusted partner in achieving their financial goals.
Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts:
All funds in a ‘noninterest-bearing transaction account’ are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term ‘noninterest-bearing transaction account’ includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (‘NOW’) account, money-market deposit account, and Interest on Lawyers Trust Account (‘IOLTA’), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.
For more information, please see:
If you have specific questions, please feel free to contact the Member Connection Center at 301-784-3000 or visit any of our community branch locations.