No doubt that many people are searching for a light at the end of the tunnel from this recent turmoil on Wall Street and the mortgage industry. It seems consumer confidence in the financial services industry is becoming a bit shaky, however; many have found a safe haven for their deposits in a longtime friend—credit unions.

Today, approximately 6,400 members belong to First Choice Community Credit Union. Your credit union has over 37 million dollars in assets and a strong capital position. We have served our members and our community since 1934 and we are considered one of the best kept secrets in financial services. We are structured to support the financial needs of our members, who are also owners of the credit union. So, everything we do is in the interest of the members. 

One of the things that make our credit union a safe bet in this economy is that we have steered clear of making risky sub prime mortgage loans. Simply put, we operate in more conservative fashion than most national institutions. We manage our loan portfolio very conservatively because it’s our members’ money. And, you get local service from local folks when you deal with your credit union. 

Another feather in the cap of credit unions like First Choice is that funds on deposit are insured by the full faith and credit of the federal government. The National Credit Union Share Insurance Fund (NCUSIF) insures shares on deposit at credit unions up to $250,000 and also insures retirement funds up to $250,000. The Credit Union National Association has reported that in the history of the NCUSIF, not one penny of insured savings has ever been lost by a member of a federally insured credit union. So you can rest assured that your deposits are safe and sound.

While the rest of the financial services industry is swimming in controversy, it seems that First Choice really is the safe harbor for our members. If we can assist you in any way, please contact one of our three branch locations.

To obtain current-month financial information, please contact our Knoxville office at (865) 637-0112 or (800) 637-0112.