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Savings safe at CUs say two Wisconsin papers
OSHKOSH and APPLETON, Wis. (10/2/08)--Several credit unions in Wisconsin are safe and sound in the face of the ongoing U.S. financial crisis, according to articles in two state newspapers. Citizens First CU, a $335.4 million asset, Oshkosh-based credit union, has been deluged by member calls checking to see if their money is safe (The Northwestern Sept. 30). The credit union tells members their accounts are indeed safe because Citizens does not invest in Wall Street, and that it has avoided investing in subprime mortgages and adheres to conservative lending practices, Carla Altepeter, Citizens president/CEO, told the paper. Following the same guidelines it always has, the credit union continues to lend to many of its 78,000 members, Altepeter added. Bailouts of Wachovia and Washington Mutual--rather than concerns about the congressional bailout vote--have fueled member calls seeking assurance of safety and soundness of their accounts at the $1.089 billion asset, Appleton-based Community First CU, said Cathie Tierney, president/CEO (postcrescent.com Oct.1). The $325 million asset, Kimberley-based Capital CU has not seen any member reaction in response to the country’s financial crisis because most think the federal government will remedy the situation, Alan Zierler, Capital president/CEO, told the paper. Some members had initial questions on safety and soundness, but Capital allayed any concerns by letting them know that most of the credit union’s mortgages are held locally and only 1% to 2% were sold to secondary markets, he added. The $145.2 million asset, Appleton-based Prospera CU has not seen any panic among its 15,000 members, Ken Eiden, CEO, told the paper. Prospera focuses on lending in the local Appleton area and its members understand that, he added.
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