Safety & Soundness

Our Commitment to Financial Safety and Soundness

Recent news events have raised public concern about the health of financial service providers. Cornerstone Credit Union remains strong and healthy by effectively managing risk through adherence to industry best practices, including solid lending and underwriting policies and a conservative investment strategy. Cornerstone Credit Union has never participated in sub-prime or other non-consumer friendly mortgage lending, and proudly maintains a well-performing loan portfolio, indicated by one of the lowest loan delinquency and charge-off rates in the country, well below other banks and credit unions in our markets.

Even with these positive numbers, Cornerstone Credit Union has taken extra precaution to build its reserves to protect against future potential losses, and maintains one of the best reserve ratios among its peers. The Credit Union continues to remain rock solid and secure with net worth exceeding 13 percent of assets, nearly double the minimum federal requirement of 7 percent.

You can trust Cornerstone Credit Union to operate with the same core values that have successfully guided this institution for the past seventy years.

Your deposits are safe

Member deposits are federally insured to at least $250,000* (IRAs are separately insured up to an additional $250,000) through the National Credit Union Administration (NCUA) and backed by the full faith of the United States. And, your accounts held in joint ownership may qualify for even greater insurance coverage.

We invite you to the following websites for additional information on the National Credit Union Insurance Fund administered by NCUA:

Additional safety insurance

Cornerstone Credit Union provides members additional security on deposits beyond that of the credit union’s primary insurer* through Excess Share Insurance (ESI). ESI provides $250,000 in coverage on top of the federal government’s $250,000. Since Individual Retirement Accounts (IRAs) are insured separately by both the federal government and ESI, your IRAs are also protected up to $500,000. So, by maintaining your non-retirement savings and your IRA at the Credit Union, you may now have a combined savings insurance of $1,000,000.

ESI is a wholly owned subsidiary of American Share Insurance (ASI), the nation’s largest private deposit insurer, and insures only credit unions meeting its high standards.

For more information click on: ESI: Excess Share Insurance.

* IMPORTANT NOTICE: On May 20, 2009, Congress enacted and the President signed into law the Helping Families Save Their Homes Act of 2006 (Helping Families Act"). The legislation amended the Federal Credit Union Act, extend through 2013 the $250,000 share and deposit insurance ceiling Congress had enacted as part of the Emergency Economic Stabilization Act of 2008.

Under the Emergency Economic Stabilization Act of 2008, federal share insurance for select deposit accounts was temporarily increased from $100,000 to $250,000 per member. This temporary increase in coverage is to expire December 31, 2013. IRA coverage remains at $250,000 per member.