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ASI Deposit Information
If you are worried about the safety of your accounts at other financial institutions, bring them here to E1! The safety of our members' deposits is of primary importance to us. And in addition, you'll find we have great rates for your deposit and loan needs.
E1 is safe and sound
E1 Financial Credit Union remains a safe and sound financial institution. Because our principles are based on safety and soundness, we have not made, and will not make risky loans (i.e. sub–prime lending), therefore we have not experienced the financial difficulties other financial institutions are currently facing. We are well capitalized (over 17%.) The National Credit Union Association, a federal regulatory agency, defines well capitalized credit unions as those at greater than 6%. We continue to provide our members with a wide variety of consumer and real estate loans as well as savings, certificates, money market, and IRA accounts. E1 Financial is examined regularly by a number of organizations, including the Department of Financial Institutions (a state regulatory agency) and American Share Insurance, who insures E1's member deposits. We continue to receive high regulatory ratings as well as excellent examination results. Our Supervisory Committee engages an outside audit firm on an annual basis to audit our financial statements and we have consistently received an unqualified opinion as to the representation of our financial statements (see the Supervisory Committee Report in our 2007 Annual Report). Click here to review our 2007 Annual Report.
No risky mortgage loans.
Mortgages are processed through our trusted partner, Community Mortgage Funding, of which E1 is a part owner. E1 Financial and Community Mortgage Funding did not make the risky loans that are in the recent headlines and which have been identified as triggers for the current problems in the mortgage market.
Your deposits are insured up to $500,000!
E1 Financial takes the safety and security of our members' deposits seriously. That is why we have chosen American Share Insurance (ASI) to insure our members' deposits. ASI has been insuring credit unions since 1974. More than one million credit union members around the United States rely on ASI to protect their savings. ASI is successful because of sound underwriting and risk management policies. They are licensed by the Ohio Department of Insurance and dual regulated by the Ohio Departments of Insurance and Commerce. Credit union examiners from each state in which ASI operates are invited to participate in a comprehensive annual exam of the company. In addition, the Ohio Department of Insurance conducts a cyclical statutory examination of ASI; Deloitte & Touche Accounting Firm annually certifies the company's financial statements; and an independent actuary reports each year as to the sufficiency of the company's reserves. An alternative to federal deposit insurance for state–chartered credit unions, ASI insures up to $250,000 for each account a credit union member may have. E1Financial also purchases additional deposit insurance, so that our members' deposits are insured up to $500,000 for each account a credit union member may have. This is five times the insurance offered through FDIC!
More information...
Have more questions? Click Here. For more information on ASI, please visit their website here. For ASI's 2007 annual report, please click here. For information about the difference between credit unions and banks, click here. To view our current newsletter, Common Cents, click here.
