BURBANK, CA, July 24 / MARKET WIRE/ --
Lockheed Federal Credit Union (LFCU) remains
one of the strongest financial institutions in the country, and has never
reported a loss in its 71 years in business.
As an example of that strength, LFCU's net worth is at 15.4% of assets,
which is more than double the amount required by regulators, and more than
two times the bank average. This capital provides a cushion of more than
$420 million to protect member deposits, in addition to the federal
insurance guarantee of at least $100,000 per individual vesting ($250,000
"I'm proud that our strategy of cost control, prudent investments, and
sound loan underwriting has put Lockheed Federal Credit Union in an
extremely solid financial position," said Dave Styler, President and CEO at
LFCU. "I know that strength is very comforting to our members who may be
concerned about the status of other financial institutions."
Another indication of LFCU's excellent financial position is the credit
union's track record of earning top ratings from independent analysts of
U.S. financial institutions. LFCU was awarded a 5-Star rating -- the
highest possible -- from Bauer Financial. LFCU's audited financial
statements are posted online at www.lfcu.com, for all members to review.
As for the credit union's loan portfolio, LFCU's total delinquency
(mortgage, commercial and consumer portfolios combined) is low at 0.67% of
loan balances, an excellent result attributed to quality underwriting and
the fact that LFCU has never participated in sub-prime lending. This ratio
compares to delinquency of 1.73% for banks and 0.91% for credit unions.
(March 2008 data) LFCU has money to lend, and every home loan is backed by
a 100% satisfaction guarantee.
LFCU has been in business for more than 70 years, and is well-positioned to
withstand any foreseeable economic turmoil. It is a not-for-profit
cooperative owned by the 100,000 members it serves. For more information,
contact LFCU at (800) 328-LFCU or visit www.lfcu.com.
ABOUT LOCKHEED FEDERAL CREDIT UNION
Lockheed Federal Credit Union has more than 100,000 members and more than
$2.6 billion in assets. Chartered in 1937, LFCU offers members preferred
rates on savings and loan accounts, surcharge-free access to 25,000 ATMs,
and access to a nationwide network of branches. Today, LFCU is the largest
financial institution headquartered in the San Fernando Valley.
LFCU operates branches in the San Fernando, San Gabriel, Santa Clarita and
Antelope valleys, as well as eastern Ventura County. Membership is open to
Southern California residents of more than 600 sponsor companies. Deposits
in LFCU are federally insured by the National Credit Union Administration,
a U.S. Government Agency (www.ncua.gov). LFCU is an equal housing lender.
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Lockheed Federal Credit UnionEmail Contactwww.lfcu.com
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