The Mission of the B&V Credit Union is to provide convenient, high quality,
competitive, personalized financial services that are responsive to the changing
needs of our members.
The Credit Union will offer superior loan and savings products while operating in
a financially prudent and efficient manner.
To our members:
Many of you may have seen or heard recent news stories about the impact of
the global financial crisis on credit unions and, more importantly, are
concerned about the potential impact on our Credit Union. Until recently, it
appeared that credit unions would be largely unaffected. However, recent
difficulties at U.S. Central and certain corporate credit unions have led to
their essentially being taken over by the National Credit Union Association
(NCUA). US Central and corporate credit unions function as banks for credit
unions and hold deposits received from individual credit unions like ours. NCUA
is similar to the FDIC in that it provides, among other things, insurance on
credit union member’s deposits up to the current $250,000 limit. As a result of
this structure and the failures of US Central and certain corporate credit
unions, all NCUA affiliated credit unions are being affected.
Since it has been necessary for NCUA to take over these institutions and provide
surety for their deposits, NCUA’s share insurance fund has been depleted and
will need to be “replenished”. As a result, all credit unions will be facing
much greater assessments to support this insurance fund than have been required
in prior years. We want to assure our members that our balance sheet continues
to confirm B&V Credit Union’s strong financial position with our capitalization
at nearly twice the required level. Nevertheless, planning for the unexpectedly
high assessment from NCUA will have a significant impact on our ability to
maintain dividend rates on share deposit and loan rates at the very competitive
levels we have traditionally been able to provide.
The Board of Directors, the Committees and our staff continue to assess and try
to minimize the impacts of this assessment on our financial operations. And,
while we realize no one wants to hear more “bad” economic news in times like
these, we also believe we have an obligation to keep you informed of situations
like this. We are confident we will work through the short-term difficulty this
situation has created while also working to continue providing favorable
dividend rates on savings and competitive term on loans.
B&V Credit Union
Board of Directors
Share Insurance Protection
Extended Through December 31, 2013
With the passage of the Emergency Economic Stabilization Act of 2008, The National
Credit Union Administration will immediately increase share insurance protection
to $250,000 on all types of accounts until December 31, 2013.
The National Credit Union Administration is the independent federal agency that
regulates, charters and supervises credit unions. NCUA, with the backing of
the full faith and credit of the U.S. government, operates and manages the National
Credit Union Share Insurance Fund. For more information please refer to the
following website www.ncua.gov.
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New Autos*
- 3.75% APR: 36 months
- 4.25% APR: 48 months
- 5.00% APR: 60 months
- 6.00% APR: 72 months
- 7.00% APR: 84 months
Used Autos*
- 2008-2007 Models: 5.25% APR: 60 months max
- 2006-2005 Models: 5.50% APR: 48 months max
- 2004-2003 Models: 6.25% APR: 48 months max
* These rates apply to new purchases or the refinancing of a current loan from another
lending institution.