American Eagle Federal Credit Union reported strong mid-year financial performance for the period January through June 2008. The state’s largest credit union, had assets of $1.04 billion and net income of $3 million.

 

Loan balances were up $25.3 million year-to-date from growth in Mortgage, Home Equity Line of Credit, Visa, and business loans. “The addition of member business loans has contributed to our strong bottom line. Small businesses in Hartford, Middlesex, and Tolland counties are benefiting from our new suite of business services including checking, merchant services, and loans,” said American Eagle FCU President & CEO William Dokas. Sound lending policies and procedures have kept the Credit Union delinquency rate well below the average of other financial institutions.

 

Reserves, which help protect the Credit Union against economic downturns, increased $4.82 million year-to-date to $105.9 million or 10.03% of assets. “Our strong reserve position has helped us and our members avoid the financial challenges that some consumers and institutions have faced,” said A. Lisa Burgarella, Chairwoman of American Eagle Federal Credit Union’s Board of Directors. Deposit balances have increased $61.4 million over the past twelve month period.

 

Deposits Federally Insured by NCUA

Member deposits in American Eagle FCU are federally insured up to $250,000 per account by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA) This share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC) for the banking industry. The NCUSIF is backed by the full faith and credit of the United States government. No amount of insured savings has ever been lost by a member of a federally insured credit union.