Most financial institutions have experienced the repercussions of job losses in this struggling economy and the domino effect of the sub-prime crisis causing defaults on other loans. While the economy continues to slow down and many financial institutions and financial service providers have been adversely affected, you can be confident in saving and borrowing from LBS Financial Credit Union.
LBS Financial has followed very sound lending practices, whether for vehicle, credit cards or mortgages. We did not participate in any sub-prime mortgage or negative amortization mortgage loans.
LBS Financial is financially safe and sound. For the last few years, we have been saving for the rainy day. What does this mean to you? Your money is safe with us! Our State and Federal regulators require a net capital ratio of 6% to be “adequately capitalized” and 7% to be considered “well capitalized.” LBS Financial has more than the amount of capital required by our regulators and continues to be well-capitalized throughout these tough economic times. In addition, your deposits are federally insured by the National Credit Union Administration (NCUA), a government agency, up to $250,000 per depositor and separately up to $250,000 per IRA. Accounts with different ownership such as a joint or living trust account can be insured separately for up to $250,000 per account holder or more as well. The National Credit Union Share Insurance Fund (NCUSIF) protects aggregate savings up to $250,000 in your LBS Financial regular Share Savings, Money Market, Share Certificates and Share Draft/Checking accounts. Therefore, in some cases depending on the account ownership and beneficiaries you may be able to have funds federally insured to $1 million or more. For more information on NCUSIF insurance, click here for the complete pamphlet.
Our Members are our focus during both pleasant and challenging times. We always strive to improve the experience you have with us and to provide you with quality products and services.