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Annual Membership Meeting
The Credit Union will be closed on Wednesday March 17, 2010 between 11:00 a.m. and 2:00 p.m. Please join us at the Seattle Tacoma International Airport Conference Rooms at 12:00 p.m. for our Annual Membership Meeting.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender: We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Dear Members,
The past 12-18 months have been very challenging and busy for your Port of Seattle Federal Credit Union (POSFCU). The Board of Directors and General Manager have been focused on managing risk associated with the past and current economic environment. There have been many areas of change, all focused on providing the best value to our members, sound business principles and expense reduction. After careful consideration and analysis, an area of expense we have examined is the cost of operating two branches. As a result of our work, both the Board of Directors and General Manager have determined that POSFCU will not renew its lease for the space at the World Trade Center Branch (WTC).
Effective May 28, 2010, POSFCU will close the WTC Branch, including the Automated Teller Machine (ATM). While we will miss our interactions with members that do business at the WTC Branch, we look forward to continuing the high level of service you have come to expect and invite you to use our Seattle Tacoma International Airport Branch, On-line (Home Financial Services/Internet Banking), telephone and mail to conduct your credit union business.
Does the WTC Branch closure mean that POSFCU is in financial trouble?
No, the credit union is in a strong financial position, with an equity position well in excess of the guidelines set by the National Credit Union Administration. The decision made was based on strategic goals and how to effectively serve the majority of the membership. Your Board of Directors strongly feels that this is the responsible action to take at this time.
Please join us on March 17, 2010 at our Annual Membership Meeting that will be held at the Seattle Tacoma Airport Conference Center. At that time we will gladly answer any of your questions or concerns about member services.
Sincerely,
Board of Directors
