Financial strength starts with our members
Not one penny of insured savings has ever been lost by a member of any federally insured credit union. More important to you, STCU is one of the strongest credit unions, financially speaking, in the United States!
That doesn't mean we can dodge every recession, but we work hard to prepare your credit union in advance with the financial fortitude to weather good times and bad.
Like you, we carefully watch our budget to ensure that over time we generate more revenue than expenses, while maintaining a sizable reserve for a rainy day.
Here are five reasons STCU is one of the strongest credit unions around:
- We're not-for-profit and member owned. As a financial cooperative, our growth is fueled by the steady service we deliver to members over the course of years. That eliminates pressure from shareholders to take unnecessary risks for the sake of profits. Plus, STCU stays focused with the help of our elected board of directors and supervisors.
- We lend conservatively. For example, when a deep recession occurred in 2008, members were thankful we had chosen the road less traveled to avoid dangerous subprime mortgages and other risky loans. Since that time, STCU has welcomed thousands of new members fleeing troubled banks.
- Our loan loss ratio is below the national average. The strength of our loan portfolio is a reflection of our members' outstanding credit quality. By working closely with members to ensure they have a means of repayment, we avoid the cost of heavy loan losses. We even operate a department devoted exclusively to helping members recover financially.
- We maintain a healthy capital position. Our capital is that rainy day fund which allows us to expand our level of member service with more branches and smarter technology. In times when the economy falters, our capital also allows us to absorb unexpected costs. Federal regulators require a minimum reserve for banks and credit unions to stay in business. We exceed that significantly.
- Your deposits are federally insured. Your STCU accounts are backed by the full faith and credit of the U.S. Treasury. Deposits up to $250,000 are insured by the National Credit Union Share Insurance Fund, which is managed by the National Credit Union Administration, a federal agency.