It’s hard to believe we are starting the fourth quarter
of 2008. This year, we have seen the hardships our economy has had on consumers:
the unstable housing market has lead to numerous foreclosures; higher energy
prices have caused a strain on spending; stricter credit guidelines in the
industry have made it difficult for some to obtain loans; and many have had to
overcome a rising unemployment rate. Although the Federal Reserve has made rate
adjustments on their end to offer some relief, consumers still continue to face
slow economic growth. In fact, the Federal Reserve believes these problems are
going to persist into next year.1
With these recent hardships, many consumers are worried about
the safety of their funds housed in their financial institution. As a GECU
member, you don’t need to worry. We are well capitalized and we do not do
subprime mortgages. As of August 31, 2008, our capital stands at well over 15%;
we are only required to be 7% capitalized. We have been recognized for our
outstanding financial performance by
BauerFinancial Inc., one of the most
respected organizations throughout the country in the financial industry. For
the past 18 years, GECU has achieved the 5-star
Superior rating;
something only 10% of financial institutions receive. And, we have been
recognized by the IDC Financial
Publishing Inc. as achieving the rank of Excellent. This rank
indicates that we are one of the safest financial institutions in the United
States.
Our outstanding performance has also given us the opportunity to
expand our office locations within the Greater Cincinnati area. We are pleased
to announce our plans to open a new location in Fairfield, Ohio, on the corner
of Route 4 and Michael Lane – the north end of Jungle Jim’s complex. This new
building will closely mimic our last-built office in Loveland. We’re looking
toward a fall 2009 opening and will pass along additional information to you as
the time comes closer.
As 2008 comes to an end, know that we take pride in being one of the most
safe and sound financial
institutions in the country. GECU aims to make your interests our number one
priority and to provide you with the very best financial solutions for your
needs. Thank you for your continued support and trust in us!
