The National Credit Union Administration (NCUA) took action Friday, March 20, 2009 to place two large corporate credit unions, U.S. Central Federal Credit Union and Western Corporate Credit Union into conservatorship. These Credit Union’s are “wholesale” Credit Union’s who service other Credit Union’s, not individual consumers.  LM Federal does not maintain any accounts or investments with either organization.

Your accounts at LM Federal Credit Union remain safe and secure. Regular accounts are federally insured up to $250,000.00 by the NCUA, which is backed by the full faith and credit of the U.S. government. Another $250,000.00 in federal deposit insurance is extended to retirement accounts.

LM Federal has been in continuous operation since 1949. For years the Credit Union has enjoyed positive earnings, extremely low loan delinquency and loan charge-off rates, and maintains reserves in excess of the minimums required by NCUA to be considered well capitalized.

We have never invested in or made sub-prime mortgage loans. We don’t service large businesses and don’t invest in the stock market in the U.S. or oversees. We invest in our membership through prudent and productive loans. Our not-for-profit, but for service mission has allowed LM Federal to maintain “business as usual” during these difficult times.

Our past success has continued into 2009. Member deposits are up over 9% through March 20^th. In contrast to other organizations, we continue to lend to our membership. We have issued more than $2 million in loans to our members since the start of the year. 

Still using the services of another financial institution? Consider moving to LM Federal. Our member service representatives are available to answer your questions and to establish new services. You may open accounts and borrow money without the need to visit our office.

Questions? Please contact us by telephone at (800) 410-0501 or (410) 687-5240.

Mark Bold
President