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Important message from the CEO
Dear Member,
When we see one year end and a new one begin, it is only natural to look back
and reflect on the past year. 2010 was a year of great change for our country, our
credit union, and for many on a very personal level. It has affected us all. Our credit
union, like so many other financial institutions, was affected by the economic down-
turn, which caused a decline in the value of real estate and record unemployment.
Since coming to Pacific Transportation FCU in February 2010, I have set out to
restore profitability. When income declines, it’s prudent that we reduce expenses to
restore balance. Although this recession has exacted a high cost, I am optimistic
about the future.
We have made a lot of progress, but 2011 will still be characterized by low interest
rates and slow economic growth. Our goal is to continue to bring a variety of services
at low cost, but because of the changing regulatory and economic environment, we
are continuously reviewing our products and services. Due to the uncertainty, some
changes may have to be implemented.
All crew members at the credit union continue to work hard to bring you the best
service and most competitive saving and loan rates we can. When you need finan-
cial services, I encourage you to think of your credit union first. We are here for you.
Sincerely,
Stanley Lampert
Chief Executive Officer
Join our credit union family today!
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PTFCU wants you to know that you can count on us for the safety, security and soundness of your accounts. Your funds are federally insured for up to $250,000 by the National Credit Union Association (NCUA) and backed by the full faith and credit of the United States Government. Traditional and Roth IRAs are separately insured up to $250,000. PTFCU monitors the economic situation we are facing on a daily basis. Plus, not one penny of insured savings has ever been lost by a member of a federally insured credit union.
Multiple accounts can be structured to provide additional coverage. Here's an example of how a husband and wife may have federally insured accounts totaling $1,500,000:
| Individual Accounts |
| Husband |
$250,000
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| Wife |
$250,000
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Joint Accounts
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| Husband and Wife |
$500,000
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Revocable Trust Accounts
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| Husband as Trustee for Wife |
$250,000
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| Wife as Trustee for Husband |
$250,000
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Total Insured
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$1,500,000
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Safety, Soundness and Security — Your Credit Union Remains Strong
- Financial stability you can trust
- Federally insured
- Money to lend
- Great competitive rates
- We’re here for you
Join our credit union family today!
What's a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Credit unions serve groups that share something in common. Credit unions are closely regulated like other financial institutions. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 9,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $250,000.
How is a credit union different from a savings & loan or a bank? These other types of financial institutions accept deposits and make loans but unlike credit unions, they are in business to make a profit because they are owned by groups of shareholders whose interests include a good return on their investments.
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