First Source Continues To Be Financially Strong And Here For You
A message from Tom Neumann, President/CEO
With all the news this past week about several banks who are facing challenges, I wanted to confirm with you that First Source is strongly positioned to continue to meet your needs today, tomorrow, and into the future. There have been some concerns due to the economy’s current state of flux and rising rates, and now most recently two high-profile specialty-bank failures. Please rest assured, your Credit Union is financially strong.
First Source plans and prepares for just such challenging times. In addition to being Federally Insured by the National Credit Union Administration (NCUA), we take the management of our Member/Owners’ money very seriously and for the past 85 years we have acted in your best interests, as good stewards of all of your accounts. Unlike the banks in the news, we take a conservative, community-based approach; investing deposits in local individuals, families, and small businesses.
We also have strong earnings and capital positions, managed by an experienced local management team, which ensures we have access to necessary cash and reserves when needed. Whether it is helping you borrow money to fulfill your dreams, or dealing with economic challenges like this past week.
The Credit Union is audited regularly by both the NCUA and other independent auditors multiple times per year; and we are pleased to continually receive positive marks and ratings. We are consistently rated “Above Peer” in both operations and financial strength and stability.
Our financials are posted annually in June on our website for Members to view. The NCUA provides coverage for member share deposits and our staff is trained to maximize levels of coverage for our Member’s safety.
Should you have any questions you can find more regarding NCUA Share Insurance at: https://mycreditunion.gov/share-insurance
Thank you for your trust in First Source, as we continue to be there for you.
Sincerely,
Tom Neumann, President/CEO