We would like to provide you with an update of recent developments in the credit union industry.

On March 20th the National Credit Union Administration (NCUA) announced that they have assumed control of two corporate credit unions – U.S. Central and Western Corporate Credit Union (WesCorp).

Corporate credit unions do not serve consumers, but rather provide financing services, check-clearing and other back office functions for natural-person “retail” credit unions (like Kinecta).
 
The NCUA assured us that service continues uninterrupted at both U.S. Central and WesCorp, and member credit unions are free to make deposits and access funds. Based on the actions that the NCUA took earlier this year to stabilize the corporate credit union network, all funds on deposit at Corporate Credit Unions are guaranteed.

Rest assured that this development will not impact our ability to serve our members. Kinecta is a sound and stable financial institution, with ample liquidity and capital.

Your funds on deposit with Kinecta are insured by the NCUSIF and continue to be backed by the full faith and credit of the United States government, up to at least $250,000. Individual Retirement Accounts (IRAs) are insured separately up to $250,000. If you would like to review your coverage, please visit your nearest Kinecta branch and we would be happy to conduct a financial review with you.

We are your credit union, and we are here to serve you – just as we have been since 1940.