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From the desk of Raffael Crockett,
CEO of BrightStar Credit Union |
Dear Valued Member:
With apprehension and lower consumer confidence in the current market economy, we want you
to know that BrightStar Credit Union is a very strong Credit Union. Our net worth position is over
11%, which is very safe and sound compared to the industry minimum standard of 7%.
We've all heard the latest news regarding some other banks and sub-prime mortgage lending.
You can rest assured that BrightStar CU has not been making the risky types of mortgages or
investments that have caused concerns for other financial institutions. Your assets are safe with
BrightStar.
In light of this recent news, we thought you might have some questions or concerns regarding
how BrightStar federally insures your money. Here are some quick points of reference:
- Deposits at BrightStar are insured by the National Credit Union Share Insurance Fund
(NCUSIF). This fund is backed by the full faith and credit of the United States
Government. Established by Congress in 1970 to insure member accounts at federally
insured credit unions, the NCUSIF is managed by the NCUA. You may read about the
details in the brochure "Your Insured Funds” available at a BrightStar branch or in an
online format at: http://www.ncua.gov/Publications/brochures/insured_funds/funds.pdf
- Each BrightStar member is federally insured up to at least $250,000 by the NCUSIF.
Many families can increase the amount of share insurance coverage they receive by the
appropriate structuring of deposits in various individually and jointly held accounts. A
family of four can even have up to $2,000,000 of insured deposit accounts.
- Traditional and Roth IRAs are insured separately up to $250,000 by the NCUSIF. A
NCUA Share Insurance Estimator is available for your convenience at
http://webapps.ncua.gov/ins/. Or simply contact us to discuss properly structuring your
accounts for maximum coverage.
We hope these resources serve to answer any questions or concerns, and we hope this
information reassures you that even in rough economic times, you can feel confident entrusting
us to safeguard your hard-earned savings.
Should you have questions or concerns please feel free to call us at 954-486-2728 (toll free 800-
637-2728) or visit any of our locations.
Sincerely,
Raffael Crockett
President & CEO
BrightStar Credit Union
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