Dear Member:
As we read the newspapers, watch TV, or browse the web we are surrounded by headlines and stories of the current financial crisis.
These are unprecedented and challenging times, with events that most have not experienced in our lifetimes. However, the bigger crisis has been an emotional one. The collapse of Wall Street, the bank failures, and stock market volatility have created an environment of fear. Our members, our families, even our co-workers are asking "Is JDCU OK?!"
Jeanne D’Arc Credit Union is financially sound. It has been our plan all along to utilize our capital to improve infrastructure and shape our future. As a result, we have built two new branches, purchased and installed a new operating system, and committed to a new headquarters facility (Tremont Yard). We are profitable, even with funding our loan loss reserves to levels that anticipate future losses from the weak economy.
We also continue to grow. We now have greater than 50,000 members and our deposits (up 18%) and loans (up 7%) are increasing. While the national and international financial institutions struggle, JDCU has been the recipient of new deposits and accounts. Our liquidity is strong, with ample funds to lend to our members or keep in reserve. We are a safe place for members’ money.
Thank you for demonstrating your confidence in JDCU by trusting us with your finances. We will continue to focus on your needs and help you make smart financial choices!
Mark S. Cochran
President and Chief Executive Officer
Jeanne D’Arc Credit Union
If you would like more detailed information on our balance sheet, investments and income/expenses please visit http://www.ncua.gov/indexdata.html. Our charter number is 67352.