Dort Federal Credit Union - President's Message

Martin Smith, CEO

Dort Federal Credit: Safe and Sound

With grim financial news gripping headlines this summer, some of our members have inquired about Dort Federal Credit Union’s financial status. We assure you with great confidence that your funds are safe and secure with Dort Federal. Over our 57 year history, we have prudently managed your funds so that we can remain strong even in the most difficult climate.

Where is the proof?

Credit unions use what is called “net worth ratio”, or “capital ratio” as one measure of financial soundness. This ratio is calculated by the level of capital relative to the credit union’s assets. The National Credit Union Administration, our federal regulating body, has determined that a sufficiently capitalized credit union maintains a 6% capital ratio.

As of March 31, 2008, Dort Federal’s capital ratio is at an outstanding 22% - twice the peer average, and triple regulatory requirements. We have maintained ratios near 20% for several years, ranking us among the top 10% of highly capitalized credit unions in the nation.

Another key component to a financial institutions fiscal health is maintaining low loan delinquencies and losses. Again, through prudent management, Dort Federal maintains averages below our peer and national averages. Dort Federal never participated in sub-prime lending and we take great pride in our quality underwriting. We have plenty of money to lend and along with our consumer lending, our mortgage department continues to flourish.

Are my deposits insured?

Member deposits are insured by NCUA up to $100,000, and retirement accounts (IRAs) are insured separately up to $250,000. Structuring share accounts under different forms of ownership may increase the amount of NCUA insurance coverage above $100,000. Simply put, your funds are safe and sound at Dort Federal Credit Union. We have worked hard to become the well-positioned credit union that we are today and we are proud to have earned your trust. If you have questions regarding your credit union, or your accounts, please call us at 810-767-8390, or 800-521-3796. You can also stop by any of our seven conveniently located offices.

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