A SPECIAL MESSAGE FROM PRESIDENT/CEO DAN SUTTON
Recent bank failures have caused many consumers to feel uncertain about the safety of their money. These bank failures were caused by the type of customers they served (startups needing cash frequently) and holding longerterm investments on their balance sheets that lost significant value with the rapidly rising interest rates. Kemba Credit Union does not serve these types of accounts and we do not engage in this type of investment strategy. Kemba Credit Union is a strong financial institution with robust profitability and capital. Your deposits at Kemba remain safe, insured, and unaffected by this situation.
Kemba is closely supervised and regulated by the Ohio Department of Financial Institutions and the National Credit Union Administration. On March 21, 2023, Kemba’s independent auditors presented their annual financial statement audit to Kemba’s Board of Directors. The auditors presented an unmodified opinion. An unmodified opinion is the highest form of assurance an independent auditor can give on an organization’s financial statements.
As a federally insured credit union, Kemba offers a safe place for members to build savings. Your deposits are protected by the National Credit Union Administration’s Share Insurance Fund and insured up to $250,000 per individual depositor, the same as any other federally insured financial institution. The National Credit Union Share Insurance Fund is a federal insurance fund backed by the full faith and credit of the United States government. To learn more about your federal insurance, I invite you to visit www.mycreditunion.gov. This website provides information, resources and calculators to help you better understand your federal insurance. The bottom line is that you can count on Kemba Credit Union today, the same as all our members have for nearly 90 years.
If you have questions, just stop by your favorite branch, or give us a call. On behalf of Kemba’s Board of Directors and management team, thank you for your membership and thank you for placing your trust in us. We are committed to bringing you the best possible financial products and solutions to help you achieve your financial dreams.
These figures are accurate
as of February 28, 2023.