GREENSBORO, N.C. (10/1/08)--What happened to Washington Mutual won’t happen to credit unions, according to an official of Summit CU in Greensboro, N.C. “There is so much misinformation out there,” said Matthew Mecham, Summit chief operating officer. Mecham was interviewed by a WFMY-TV
in Greensboro about the safety of credit unions amidst numerous bank failures and acquisitions, including Washington Mutual, which was sold to JPMorgan Chase and Co. Credit unions’ accounts are safe and insured by the National Credit Union Share Insurance Fund. No taxpayer has ever paid a dollar to protect the shares of a member’s account, Mecham said. Summit has $118 million in assets.