Cornerstone Community Financial has NEVER been Stronger

Here at CCF, we understand how important financial security is to you and your family.  In these times of great economic change, it is understandable that you may be concerned about the security of your finances. Recent news of bank failures has some members concerned about how it affects CCF and its membership. 

I would like to take this opportunity to assure you that your credit union has never been stronger.  We were recently awarded the highest rating from the National Credit Union Administration (NCUA).  This rating, which evaluates the fiscal soundness of credit unions, is a prestigious honor that only the very best credit unions receive.  Our strict underwriting standards have ensured that our portfolio is secure.   So you can be certain that your funds are always safe and secure here at Cornerstone Community Financial.

Not only is Cornerstone Community Financial doing well, but Michigan credit unions on the whole are strong. The primary measure of strength and stability for financial institutions is the capital-to-assets ratio. Michigan credit unions capital-to-asset ratio is 12.2 percent, a full point higher than the national credit union average and nearly 30 percent higher than the national bank average. 

As always, all CCF members’ deposits are insured by the National Credit Union Association. We recommend that you contact a Financial Service Representative to review how your accounts are structured. This will allow you to maximize your account insurance coverage. For more information on credit union deposit insurance, visit http://webapps.ncua.gov/ins/

Thanks to our members, CCF continues to grow stronger as the years goes on.  You are our owners and we are proud to work for you!

CLICK HERE FOR MORE INFORMATION

NCUA Insurance Increased to $250,000

Share accounts at CCF are now insured up to $250,000 as of October 3, 2008, with the passing of the Emergency Economic Stabilization Act of 2008.  The National Credit Union Administration (NCUA) is the federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, like the FDIC’s Deposit Insurance Fund, is a federal insurance fund backed by the full faith and credit of the U.S. Government.  Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

If you would like more information regarding your insurance coverage, please contact a financial service representative at 800-777-6728.

You can also contact  the NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday. Insurance experts are available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1.  Or you can click here for the NCUA Share Insurance Tool Kit. 

Mystery Shoppers Needed
CCF’s commitment to excellent member service is determined by the satisfaction of our members, so it’s important to measure how we’re doing so we know what areas may need improvement. To do that, CCF will implement a mystery shopper program at all branch locations. Members will conduct phone shops or in-person visits to the branches. All members are welcome to participate and can earn up to $30 a shop. Please contact the Human Resources Department at (248) 373-1318 if you are interested in participating.

Retirement or Buyout Questions?
Do you have questions or concerns about investing your recent buyout package?  If you would like to receive assistance with your retirement planning, please contact our Investment Advisor, George Johnson at (248) 373-1224 or at GeorgeJ@ccfinancial.com.  To see more information about his services, click here.   

Career transition assistance loan program offered to out of work members
CCF members who have been affected by job losses can take advantage of a new loan program to help update job skills and education. The Career Transition Assistance Program (CTAP) will provide below market, unsecured educational loans to displaced workers for new or advanced training for a new vocation, trade or occupation.

 Highlights of the CTAP include:

°       Members should have at least 2 years of prior full-time work experience

°       Eligible members should be recently out of work or in the process of losing his/her job

°       Maximum $10,000 assistance per member

°       No loan payments or interest accrued for 24 months from date of first loan disbursement.

°       Fixed rate loan for maximum of 10 years

°       Checks made payable to the school and member

°       Member must be in “good standing”

°       Textbook reimbursement up to $500 per semester

Contact a member services representative at (800) 777-6728 for more information and an application.

The CTAP was developed by the Michigan Credit Union Industry, in partnership with the Michigan Department of Labor & Economic Growth. For additional information, visit www.ctpforcumembers.org.