For information regarding insurance coverage on your credit union deposits you can call the NCUA Insurance Call Center at 1-800-755-1030, extension 1 or click here for the NCUA Electronic Toolkit.

A Message from the CEO

With everyone's concerns about the current economic state, I wanted to take a moment of your time and make you aware of Chemcel Federal Credit Union’s safety and soundness.

• Our assets are federally insured by the National Credit Union Administration (NCUA) the strongest federal insurance agency in the country.

• Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

• Credit Unions, including Chemcel Federal Credit Union, focus on members not profits.  We remain a safe haven in this economic storm.

• Credit Unions lend responsibly – we have a more conservative approach to lending and most credit unions hold onto about 70% of their mortgages instead of selling them to Fannie Mae & Freddie Mac.  Chemcel Federal Credit Union retains the majority of the real estate loans it originates for members.

• Chemcel Federal Credit Union maintains a highly conservative investment portfolio which focuses on safety and liquidity rather than achieving the highest yield possible at the risk of principal loss.

• As member-owned cooperatives, Credit Union balance sheets are not affected by the volatility of the stock market.

• Chemcel Federal Credit Union has nearly $61M in assets, with Capital/Equity at $6,750,470.  This equates to a Capital/Equity ratio of 11.12%, well above the 7% which our regulator defines as “well capitalized.”  Chemcel Federal Credit Union has sound business practices, more than adequate insurance on your accounts, and is ready to serve your financial needs.

• While other lenders are tightening restrictions and cutting back on lending – we are continuing to offer loans and are increasing our marketing efforts to get the word out to our members that we are here to help!

And on a final note, Credit Unions are here to stay. You can review any federally chartered credit union’s financial statement by accessing www.ncua.gov and searching for a specific institution.

If you have any concerns please feel free to call us at any branch location or 1.800.559.2436 to speak with an Account Representative about your insured accounts.

Michael Engel
President/CEO
Chemcel Federal Credit Union