Sound and Secure
Earthmover's Financial Health Remains Strong!
Everyone could use a little reassurance from time to time, and with the abundance of recent negative press involving the banking industry, now is a good time to assure you that Earthmover is weathering this financial storm with complete confidence and control. Your deposits are safe, your loans are safe, and our membership base along with our assets have increased this year, making Earthmover's future even more secure.Just look at our numbers:
- Members: over 23,000
- Assets: over $235 million
- Capital to Asset Ratio: over 16%
For added piece of mind, each deposit account at Earthmover is insured up $250,000 by American Share Insurance (ASI), which is America’s largest private deposit insurer.Strengths of ASI:
- Established in 1974
- No member has ever lost a penny in an ASI insured credit union!
- Deposit accounts are insured up to $250,000 each – in other words, if you had a savings account, checking account, and a CD, each would be covered up to $250,000, which would equal a total coverage amount of $750,000
- Top-notch financials as required by their independent auditors
- Required to meet strict underwriting standards and regulated by the states where they provide insurance coverage
- ASI is owned by credit unions and only insures credit unions. Currently over 1.5 million individual consumers belong to credit unions insured by ASI
- Like the credit unions it insures, ASI is safe and sound. The company's equity ratio of 1.49% is greater than that reported by federal deposit insurance funds
- ASI does not hold any collatarized mortgage obligations (CMOs) or any of the types of exotic investments that created the need for the $700 billion bailout of AIG, Goldman Sachs and other investment firms currently under consideration by the US Congress, nor does it insure or guarantee the performance of such securities to any parties
- ASI's balance sheet exhibits solid characteristics with 25% invested in cash and cash equivalents, 70% in U.S. government-guaranteed agency bonds and US Treasuries, and 5% in other assets (certificates of deposit, accounts receivable, building and other fixed assets)
- ASI's insured credit unions generally have little to no investments in CMOs, nor do credit unions buy the types of exotic investments associated with the recent and well-publicized failures of some of the nation's largest investment firms, banks, and thrifts
- ASI's insured credit unions hold little or no sub-prime mortgages, as confirmed by our numerous on-site field examinations
- ASI is not assigned a traditional insurance industry rating by companies like A.M. Best or Standard and Poor's due to the limited number of companies in our industry. Financial data and other information are supplied to the key rating services annually for their review and analysis
- ASI is selective as to who it insures. Not all credit unions that apply for coverage are accepted due to ASI's strict underwriting standards
- The ASI insurance fund provides your credit union with a strong, high-quality program that can sustain regardless of changes in economic conditions - a program that members can trust and rely upon
Overall, your deposits are Very Very secure at Earthmover!
We take great pride in providing our members with exceptional service. We take great care to ensure the continued fiscal health of our credit union so that we can be here when members need us most. In times such as these, we are pleased that our conservative management has helped us to avoid some of the issues facing other financial institutions. We sincerely appreciate the decision you have made to place your business and your trust in Earthmover Credit Union.