Dear Member,

The current economic crisis has people across our nation concerned about the health of their financial institutions.  I want to assure you that we understand your concerns and that your San Mateo Credit Union deposits are safe.  You’re part of a healthy, not-for-profit credit union made up of more than 68,000 members with more than $600 million in assets.  Everything we do is designed with you—and your financial security—in mind.

Federally Insured Accounts
Though we are completely confident about SMCU’s financial future, we also protect you by insuring your deposits with the federal government’s National Credit Union Administration* through its National Credit Union Share Insurance Fund (NCUSIF).  Similar to the Federal Deposit Insurance Corporation that insures bank deposits, NCUSIF fully insures most accounts, including IRA accounts, up to $250,000.

Fiscal Responsibility
Since we began operation 56 years ago, we have expanded our membership and increased assets every year.  We anticipate the same solid success for 2008, further strengthening our financial security.  

We attribute our stability to responsible operating policies and conservative lending practices, which include refusing to allow stated-income loans or to adopt other subprime mortgage lending practices.  When property values began falling, we also tightened our lending guidelines to help protect our members. In short, we know that our assets are your assets and we have not fallen into reckless lending practices that would have jeopardized our asset security or your financial well-being.

In closing, I want to thank you for entrusting your deposits to San Mateo Credit Union and to promise you that we will continue to pursue the prudent policies that have enabled us to maintain financial stability. We feel confident about our future and look forward to continuing to serve you for many years to come.

Sincerely,

Barry Jolette
President and CEO