Lockheed Federal Credit Union Stable in Wake

Tag : Custom Cushion
Lockheed Federal CreditUnion (LFCU) remains one of the strongest financial institutions inthe country, and has never reported a loss in its 71 years inbusiness.
As an example of that strength, LFCU's net worth is at 15.4% ofassets, which is more than double the amount required byregulators, and more than two times the bank average. This capitalprovides a cushion of more than $420 million to protect memberdeposits, in addition to the federal insurance guarantee of atleast $100,000 per individual vesting ($250,000 for IRAs).
"I'm proud that our strategy of cost control, prudent investments,and sound loan underwriting has put Lockheed Federal Credit Unionin an extremely solid financial position," said Dave Styler,President and CEO at LFCU. "I know that strength is very comfortingto our members who may be concerned about the status of otherfinancial institutions."
Another indication of LFCU's excellent financial position is thecredit union's track record of earning top ratings from independentanalysts of U.S. financial institutions. LFCU was awarded a 5-Starrating -- the highest possible -- from Bauer Financial.
As for the credit union's loan portfolio, LFCU's total delinquency(mortgage, commercial and consumer portfolios combined) is low at0.67% of loan balances, an excellent result attributed to qualityunderwriting and the fact that LFCU has never participated insub-prime lending. This ratio compares to delinquency of 1.73% forbanks and 0.91% for credit unions. (March 2008 data) LFCU has moneyto lend, and every home loan is backed by a 100% satisfactionguarantee.
LFCU has been in business for more than 70 years, and iswell-positioned to withstand any foreseeable economic turmoil. Itis a not-for-profit cooperative owned by the 100,000 members itserves.
Lockheed Federal Credit Union has more than 100,000 members andmore than $2.6 billion in assets. Chartered in 1937, LFCU offersmembers preferred rates on savings and loan accounts,surcharge-free access to 25,000 ATMs, and access to a nationwidenetwork of branches. Today, LFCU is the largest financialinstitution headquartered in the San Fernando Valley.
LFCU operates branches in the San Fernando, San Gabriel, SantaClarita and Antelope valleys, as well as eastern Ventura County.Membership is open to Southern California residents of more than600 sponsor companies. Deposits in LFCU are federally insured bythe National Credit Union Administration, a U.S. Government Agency. LFCU is an equal housing lender.