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.

Auto Loans for Less!!!

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.