O Bee Credit Union is financially strong, with held reserves far in excess of required minimums. However, we understand that the current turmoil in the market may be disconcerting to many. With the current economic conditions, you may have questions about the financial condition of the credit union. I want to assure our members that their credit union is in good financial shape. We do not have any financial connections with Freddie Mac or Fannie Mae. Their current situation has no direct affect on the credit union.

 

We've also taken some common questions and answered them below:

Q: Does the Credit Union see any losses coming from the current economic situation?

A: The current problems which are dragging down banks and other institutions are almost exclusively outside the Credit Union domain. Sub-prime, Alt-A and other mortgage variants are not offered, nor have they been, through the Credit Union. Our primary investments are loans to members for automobiles, credit cards and owner-occupied real estate.

Q: Who insures my deposits in case the credit union fails?

A: Deposits, up to $100,000 per individual and $250,000 for IRA’s, are guaranteed by the NCUSIF (National Credit Union Share Insurance Fund), which is similar to the FDIC which safeguards banking deposits. Brochures on this are available from our branches, here, or via the web at: http://www.ncua.gov/ShareInsurance/index.htm

Q: How much is guaranteed?

A: Generally, it's $100,000 for individuals and $250,000 for IRA Accounts. However, one may use the NCUA's Share Insurance Estimator (http://webapps.ncua.gov/ins/) to get an exact amount.

Q: Who guarantees the fund?

A: This fund, if all reserves are exhausted, is guaranteed by the full faith of the U.S. Government.

Q: Can I get the Credit Union’s financial records?

A: Yes, they are available online at http://www.ncua.gov/. Select “Credit Union Data” on the left sidebar. Our Charter # is 60059.

As of the end of June, the credit union had $118,500,000 in assets and $12,000,000 in net worth, a ratio over 10%.  Any thing over 7% is considered well capitalized, the highest rating.  Our loan portfolio is diverse containing a mix of credit cards, autos, and real estate.  The delinquency ratio is .33%.  We do not have sub-prime real estate loans in the portfolio.

Q: Who regulates the Credit Union to ensure it is safe?

A: The Washington Statement Department of Financial Institutions (http://www.dfi.wa.gov/) is primarily responsible for oversight. The NCUA (http://www.ncua.gov/) also is involved, as we are federally insured. Furthermore, you may rely on both our Board of Directors and the Supervisory Committee as watchdogs.

Q: Are there rating agencies we can use to check on O Bee or other institutions?

A: The marketplace contains several. While O Bee does not endorse any of them, you may wish to checkout bankrate.com.
They have reviewed us here, or you can use this portal to check out any bank, thrift or credit union.