Message
from the CEO
Your
Credit
union: safe
and secure.”
Even though
we are in a recession and facing a disastrous housing market,
your Credit Union has been able to sustain its strength. We
have always been very cautious with loans and investments and
did not engage in sub-prime lending practices nor purchase mortgage
backed securities.
At the end of 2008, our capital
ratio was a very strong 14.56%; two times the 7% ratio needed
to be considered strong by the NCUA.
The conservative guidance of
Coral Community Federal Credit Union’s Board of Directors over
the years has proven to be critical in our success. As everyone
now knows - bigger is not always better. The bank’s overly aggressive
lending and poor leadership has led to a government bailout
which will cost us all for years to come. Unlike the banking
industry, Coral Community FCU along with the Credit Union industry
has never received any government bailout money.
While other institutions have
changed lending standards making it more difficult for people
to get loans, Coral Community FCU has neither become more aggressive
nor more conservative in our lending practices. We are here
for you, our member, now more than ever and will be in the future.
I would like to take this opportunity
to express appreciation for your business, friendship, and a
special thank you for all your support over the years. Together
we are weathering the storm.
Joe Pitcher, CEO
