These are turbulent times in the financial markets and with the economy as a whole. It seems that the government has had to take steps to shore-up confidence in lenders, control interest rates, and try to avoid recession. It’s times like these that make us think about “safe harbors” for our savings. And Bronco is just that.

Our lending practices have continued to be responsible over the years and we haven’t participated in the “subprime” market. Many of the exotic loans made over the last few years were mortgages not in the best interests of the borrowers, only in the best interests of the lenders. As member-owned, not-for-profit cooperatives credit unions “exist to serve our members, not profit from them.” Bronco and other credit unions went into the subprime mess with strong balance sheets and they’ll still be strong when it’s over.

Savings at Bronco have grown over 11% so far this year, and over 7% at all credit unions. In this economy, we as consumers are increasing savings in response to concerns about the future. It’s only natural that people are looking for a stable source of good rates and they’re turning to credit unions. As you know, we typically offer higher rates than banks because we are a cooperative and Bronco cares about your well-being.

Bronco is federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U. S. government. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, insures members’ savings to at least $100,000 and $250,000 on retirement accounts, just like the FDIC does for banks. An important fact is that not one penny of insured savings has ever been lost by a member of a federally insured credit union.

Are things in turmoil? You bet they are! Is your Bronco family here for you? You bet we are! (And you can take that to the credit union!)

Bob Petty, CEO

Click here for the NCUA insurance fund brochure.

Click here for the NCUA insurance estimator.