Financial Strength
Listen to a KOA Radio interview with CEO C. Alan Peppers 10-13-08
Click here to view a letter from CEO C. Alan Peppers about Westerra's Safety and Soundness
Westerra Credit Union was awarded the top rating for financial institutions-5 Stars-by Bauer Financial, Inc. in May 2008. The star rating classifies financial institutions based upon a complex formula which factors in relevant data including, but not limited to: capital, historical trends, loan delinquencies, differences in the book and market values of the investment portfolio, profitability, repossessed assets, reserves, charge-offs, regulatory compliance and asset quality.
The Bauer Financial website states "Each of the credit unions on the Recommended Credit Union Report is rated either five-star or four-star on a zero-to-five-star scale. They are safe, financially sound credit unions that are operating well above the regulatory capital requirements." Click here to learn more.
Member deposits are federally insured up to $250,000 per member by the NCUA. This new higher limit through December 31, 2009, is a result of the passage of the Emergency Economic Stabilization Act of 2008. Credit unions' federal deposit insurance is equal in every respect to the FDIC insurance provided to banks. Deposits are backed by the full faith and credit of the United States government.
Individual Retirement Accounts (IRAs) are federally insured up to an additional $250,000 per member by the NCUA and backed by the full faith and credit of the United States government, similar to banks' FDIC insurance.
Visit the NCUA website to learn more about share insurance. There you will find a share insurance calculator to view coverage for your Westerra accounts: Click here to learn more.
Westerra is well-capitalized at approximately 11% - more than $103 million.
Westerra traditionally follows strict mortgage underwriting practices keeping our funds working locally for our members and keeping mortgage default rates extremely low. While some financial institutions have focused on subprime loans in recent years, Westerra has steered clear and is lending responsibly. Westerra maintains a diverse mix of investments, including auto loans, first and second mortgages, credit cards and signature loans, ensuring sound lending decisions for our members' money.
Westerra is regulated by the Colorado Division of Financial Services and the National Credit Union Administration (NCUA). Both regulatory agencies conduct regular examinations to ensure our safety and soundness.
Westerra sets high standards for excellence, personal responsibility and integrity in our daily operations and in our financial soundness. Click here to learn more about The Westerra Way.
