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Retail ECU operating normally despite Macys cuts
ATLANTA (2/4/09)--Retail Employees CU (RECU) is assuring its members that their deposits are safe and that the credit union will continue operating within its normal structure, after Macy’s Inc. announced it will cut jobs. Macy’s recently announced 7,000 job cuts nationwide. About 850 are in Atlanta, and the Atlanta division will close. RECU serves 7,800 members through 27 Macy’s stores located in Georgia, South Carolina and Alabama. “RECU remains committed to meeting the financial needs of our members,” said RECU President Jeanne Kucey. “We are a Georgia state-chartered credit union and will continue to serve our membership through various delivery channels, including a Georgia-based headquarters.” RECU members can conduct business at more than 3,500 credit union service center locations worldwide. Members also have access to more than 50,000 surcharge-free ATMs. “We are currently researching ways to provide our members with even more convenience through the addition of branch and ATM networks,” Kucey said. All funds on deposit with RECU are insured by the National Credit Union Share Insurance Fund (NCUSIF), which covers shares on deposit at credit unions up to $250,000. “In the history of the NCUSIF, not one penny of insured savings has ever been lost by a member of a federally insured credit union,” Kucey said. “So RECU members can rest assured that their deposits are safe and sound. At RECU, we have been serving retail employees since 1938. We maintain one of the highest capital ratios in the entire state, with over two-and-a-half times the capital required by regulators. “We want to work with our members during these challenging times to improve their financial knowledge, increase their financial options, and provide peace of mind,” Kucey added. “While the rest of the economy is uncertain at best, RECU remains a safe harbor for our members.” Atlanta-based RECU has $29 million in assets.
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