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Option 1 Credit Union -
We Remain Safe & Strong
Despite the ripples in the market caused by the well-publicized problems of large entities such as Lehman Brothers Holdings, AIG, Fannie Mae and Freddie Mac, Option 1 remains financially strong. The results of our recent examinations by the NCUA (National Credit Union Administration) and OFIR (Office of Financial and Insurance Regulation) confirms that we are a leader in the credit union movement in regard to financial performance.
- We have built up our reserves far beyond those prescribed by our regulator. As such, we have ample resources to weather difficulties in our local economy.
- Option 1 has excellent liquidity, exceeding the standards set by our Board of Directors - allowing us to continue to fund loans and withdrawals and the special needs of our members that can occur during times of economic uncertainty.
- We maintain rigorous risk management policies to keep our members' assets safe and secure.
- We have not engaged in the predatory mortgage lending that has been highly prevalent in the banking industry. We do not put members into homes that they can not afford. Thus, our default ratio remains very low.
Our conservative financial policies and diligent risk management practices allow us to continue offering the high level of financial safety and soundness that our members have come to expect from us.
FAST FACT - Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
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