Dear Valued Member,
We are living in an unprecedented time—from the worldwide Coronavirus (COVID-19) pandemic to drastic stock market fluctuations. As a member-owner of our financial cooperative, it is important to know that Purdue Federal Credit Union is financially sound and very prepared to manage through these economic times.
Maintaining a strong financial foundation has been one of our key strategies for many years and as a non-profit financial cooperative we are required to maintain a financial cushion for difficult economic times. You can feel confident knowing that heading into this pandemic, Purdue Federal has a solid financial foundation—defined as a “well capitalized” credit union by the National Credit Union Administration (NCUA). We have taken it a step further, we hold over 40% more capital than our regulators require of a “well capitalized” credit union. Needless to say, we are very well prepared to manage through these unprecedented times.
Our delinquency and charge-off rates were at an all-time low before the pandemic and our borrowers are stronger than ever. Some of these strong borrowers will struggle financially during this unprecedented crisis and we will work with each of them to find a solution that meets their needs. If you are one of these individuals, reach out to us so we can help develop a solution for you.
During this time, it is important to remember that your funds are safe with us. Deposits are insured up to $250,000 per individual depositor by the National Credit Union Share Insurance Fund (NCUSIF), which is an independent agency administrated by the NCUA. For more information, visit NCUA.gov.
Over the last week, we made several significant changes:
- More than 75% of our team is working remotely from home and employees who continue to work in the office are spread apart to comply with social distancing recommendations from the Centers for Disease Control (CDC).
- Many times I hear about our employees who take great care of you. Rest assured, we are taking great care of them. Every employee, regardless of their ability to work, will continue to be compensated.
- We made the incredibly difficult decision to close our branch lobbies to help ensure the health and wellbeing of our employees and members through restricted personal contact. Our Contact Center remains fully staffed and all our drive-up locations are available to serve you.
- Services including digital banking, our nationwide ATM network, and Visa debit and credit card networks are fully functional so you can access and use your accounts as usual.
Overall, what I want you to know is that Purdue Federal was very strong heading into this crisis and we remain strong and stable—ready to help meet our members’ needs. You are no doubt watching the same news that I watch every day and we all have plenty of concerns, but thankfully, Purdue Federal is not one of them.
I welcome you to view our monthly financials here. I am also available any time to answer your questions. Please email [email protected] and either a member of our leadership team or I will personally respond.
Although I would typically host a town hall session to discuss these matters with you in person, this particular scenario requires other communication methods to keep you informed. Hopefully communications like this will help keep you abreast of the financial well-being of your credit union. We stand ready to assist you with whatever financial needs you might have during these difficult times.
President and CEO
We're here for you
Let’s work together. Call us at 800.627.3328 or email [email protected] to learn if you'd like to utilize any of the financial assistance options we're offering, or let us develop a specific plan to help with any financial burden during this crisis.