Dear Valued Member,

You may have heard or read the news regarding the recent conservatorship by the National Credit Union Administration (NCUA) of US Central Federal Credit Union (based in Lenexa, Kansas) and Western Corporate Federal Credit Union, (based in San Dimas, California). Both of these organizations are corporate credit unions who do not serve the individual consumer. They serve other credit unions by providing investment options, liquidity sources, and other back office services such as check processing. Corporate credit unions are known as “credit unions for credit unions.”

 The action by the NCUA was made to stabilize the capital and liquidity of the two corporate credit unions. WesCorp and U.S. Central will continue to operate and to serve the needs of their member credit unions. At the same time, it is important for you to know that this action does not in any way affect the safety of your deposits at Harbor Federal Credit Union.

What does all this mean for members of our Credit Union?   It’s business as usual!!  The same level of quality service you receive from our Credit Union will continue.  Our service to our members is not affected by these government actions.  And of course, HFCU remains safe, strong, and secure!  Our Credit Union is federally insured on member deposits to at least $250,000 by the National Credit Union Share Insurance Fund and backed by the full faith and credit of the U.S. Government, just as the FDIC does for bank deposits.  The HFCU balance sheet remains very strong.  Earnings remain positive.  Investments and member loans are safe and solid.  And our capital levels are very strong, well above industry standards for being "well capitalized."

Just remember, your money is safe with us.

History:

Harbor Federal Credit Union was established in 1947.  We have been serving members and their families in the South Bay area for more than 60 years. Today, Harbor Federal Credit Union has more than $75 million in assets and over 12,000 members, proving to be a 1st choice for financial services.

Harbor Federal Credit Union (HFCU) is a cooperative, not-for-profit financial organization owned and operated for the benefit of all who belong.  As a member-owner, you enjoy benefits such as: lower loan rates, higher savings yields, reduced fees and an ever-expanding network of branches and ATMs. These are just some of the benefits and services we offer!