Federal Deposit Coverage Increased to $250,000 at Scott Credit Union

Despite all the grim news from the banking and financial markets, it is important for you to know that your money is safe at Scott Credit Union.

The recently passed Emergency Economic Stabilization Act of 2008 has immediately increased federal savings insurance coverage from $100,000 to $250,000.

Remember, your money is federally insured by the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government similar to the FDIC. To learn more about your share deposit insurance, click here:

• http://www.ncua.gov/ShareInsurance/Index.htm

Our business has remained strong with the first half of 2008 being a period of growth and profitability. SCU is in exceptional financial condition. Our Capital is over 11%. Regulatory standards consider anything over 7% well capitalized. Net earnings YTD through August are $2.2 million dollars, well ahead of budget. Through August of 2008 deposit growth is strong and assets are up to over $512 million from $396 million at year end, 2007. SCU has also had strong loan demand from our members and we are meeting those demands successfully and will continue to do so.

For more detailed information on SCU’s financials click on the links below to see our 2007 annual report and latest financials.

• Click here to view SCU’s latest financials from the NCUA.
• Click here to view SCU’s 2007 Annual Report.

To reassure our members, we would like to point out that SCU, like most credit unions, did not participate in sub-prime lending. Therefore we are absolutely not part of the problems that these types of loans have created. In fact, credit unions are part of the solution. Because of our conservative nature, we are in a position to help our members with their financial needs and look forward to doing just that.

Sincerely,

Frank M. Padak
President & CEO
Scott Credit Union