Message from the CEO: Provident’s Soundness Remains Unsurpassed

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With announcements coming in nearly every day about bank failures, plus the latest news about the federal government stepping in to assist Freddie Mac and Fannie Mae, I am taking this opportunity to reassure you once again that Provident remains 100% sound.

• For the 57th consecutive time, we received another 5-star rating from BauerFinancial, Inc. It is the highest rating achievable; an accomplishment we have continued to attain for the last 14 years. This independent agency is renowned for rating financial institutions on their solvency and soundness — and for continuing to hold to its rigorous standards in assessing financial institutions across the country.
• Additionally, as stated in a press release [PDF] issued by BauerFinancial in May, Provident is now among just 23% of the nation’s credit unions to receive the agency’s distinction of “Exceptional Performance Institution.” BauerFinancial, Inc. president Karen Dorway was quoted as saying, “You should be proud to know your local credit union, Provident Credit Union, can claim this highest honor and be confident in being a member.”
• Provident is backed by the strongest federal deposit insurance in the industry through the NCUA (National Credit Union Administration). This insurance — the NCUSIF (National Credit Union Share Insurance Fund) — fully insures all member deposits up to $100,000, with an additional $250,000 insurance for Individual Retirement Accounts. New: Watch videos about How Credit Union Savings are Insured by the Government and Understanding Your NCUA Insurance Coverage.
• With over $1.6 billion in assets and over 12.5% in capital reserves, Provident continues to maintain its strength. The National Credit Union Administration considers a credit union with 7% capital reserves as “well capitalized”. Provident far exceeds this number.

I hope this information will assuage any concerns there may be about Provident’s soundness and solvency. Please rest assured that your money is safe and that Provident will continue to stand strong. Do not hesitate to contact us with any questions or concerns.

Regards,

Wayne Bunker
President & CEO