Your Credit Union is Safe and Sound
Dear Members,
Strong financial performance, service excellence, record loan growth, conservative investments with steady returns...do these sound like the traits of a financial institution of the past? They're not. These positive characteristics are alive and well at Corning Credit Union today. While other aspects of the daily news may be quite discouraging, you can rest assured that Corning Credit Union remains safe, strong, and well-prepared to meet your needs.
Our thirty year track record of positive earnings is continuing as we have added another $1.1 million to our reserve position in the first quarter of this year. This represents earnings growth of 15% over the same time period last year. This sustained growth has been the key to our becoming and remaining an exceptionally well-capitalized financial institution.
While continued success is important for many reasons, the most important benefit of this growth is that it puts us in an excellent position to assist our members now and in the future.
For example, members experiencing financial difficulty can seek assistance through our free and confidential Member Assistance Program. Through this focus on providing individual attention to members facing challenges, we have helped many to move forward successfully and have maintained one of the lowest loan delinquency ratios in the country.
Our strong position is enabling us to assist our members in other important ways as well. While some financial institutions have decreased or stopped their lending altogether, we continue to loan money to meet our members' needs, and we also offer a wide range of other free or low-cost products and services. Mortgage interest rates are at record lows and in the first quarter of 2009 we have closed more than $48 million in mortgages to help our members save money and improve their financial well-being.
We are extremely grateful for your confidence in Corning Credit Union. Your loyalty is the reason we are more committed than ever to delivering exceptional service and attention to our members. Although the future will always bring challenges, we are confident in our time-tested methods which ensure our prosperity in all economic conditions.
Today, when so many people are looking for a place they can trust to remain ethical, responsible, and successful, we are proud to reaffirm that Corning Credit Union is that place.
Thank you for your membership.
Sincerely,
Gary Grinnell
President and CEO
