With several highly publicized bank failures occurring this past month, I wanted to take a moment to address
the safety and security of your funds with LBS Financial Credit Union. LBS Financial is a very stable and financially sound credit union.
• LBS Financial is one of the strongest well capitalized credit unions in the State of California. Net capital is a financial indicator of a credit union’s ability to weather challenging financial or economic conditions. Our State and Federal regulators require a minimum net capital ratio of 7% for a credit union to be well capitalized. LBS Financial had 12.42% at year end 2022, nearly double the requirement.
• Credit union members have never lost a penny of insured savings at a federally insured credit union, and our deposit insurance fund has the full faith and credit backing of the U.S. government. Deposits are federally insured to at least $250,000 per depositor (and separately per IRA) by the National Credit Union Administration
(NCUA).
• Your Credit Union is focused on lending to individuals, not businesses, with 93% of our loans in auto and home loans to Members only.
• We continue to have strong liquidity (access to funds/cash on hand) and access to additional funding to support Member needs for deposits and loans.
For over 87 years we have focused on serving our Members in helping them achieve their financial goals and plan to be here far into the future. As always, we are grateful for your continued support and trust in us. Thank you for allowing us the opportunity to serve you.
Together ahead,
Jeffrey A. Napper
President & CEO
