A Message to Westerra Members:

Westerra Credit Union — Not just surviving, but thriving

I wanted to report to you that Westerra, your credit union, has not just survived the struggling economy, but is thriving.  And, we stand ready to serve you in 2010.

Although the government reports that the recession is over, we all know the economy is still recovering.  Fortunately, Colorado’s economy has done better than many states.  And, Westerra has just finished a remarkable year, with an increase in members and many new local loans — all the while maintaining a strong capital reserve.

At Westerra, safety and soundness continue as the central tenets of our business model.  For example, Westerra has not engaged in the sub-prime lending that hurt so many financial institutions.  Our entire team works hard to maintain our top ratings by employing the best financial practices and returning value to our members.
 
To add to your peace of mind, Westerra joins other credit unions across the country in contributing to an insurance fund, called the National Credit Union Share Insurance Fund (NCUSIF).  It is the federal fund that insures your savings up to $250,000, with additional coverage up to $250,000 for each IRA account.  Throughout its history, the NCUSIF has provided the financial guarantees needed to maintain a healthy credit union system and to insure members’ savings.  The NCUSIF system works even in these difficult times by maintaining a healthy reserve.  In 2009, all credit unions were assessed a fee to replenish the overall fund.  Westerra’s share was $1.3 million, which was based on the size of our institution.  While Westerra’s financial statements show the fund assessments as a charge, our solid earnings in 2009 maintained our net worth in excess of $120 million, positioning us strongly for the future.

As you know, confidence in a financial institution requires accountability. Each person on our staff works diligently to serve your needs and earn your trust.  We want to provide you with the information you need and desire.  With a commitment to the high level of service for which credit unions are known, we are ready to partner with you to help you achieve your financial goals.  If you have questions or concerns, ask a manager when you are in one of Westerra’s 11 branches, or contact me at cpeppers@westerracu.com.

As we enter 2010, we hope the economic recovery will gather speed so that all our members and their families benefit from the upswing.  But, whatever the future holds, know that Westerra remains a safe harbor for your financial needs.  We are not just surviving, but thriving.

Have a safe and Happy New Year.  We look forward to serving you in 2010 and beyond.

Sincerely,
 
C. Alan Peppers
President/CEO

Questions & Answers for Our Members
There is no doubt that the recent economic ups and downs can create uncertainty regarding the safety of your money. At Westerra, we want to assure you that safety and soundness continue to be our way of doing business, as it has for the last 75 years. That is why we are not just surviving, but thriving. Here are some answers to questions you might have…