Question: What is a credit union?Answer: A not-for-profit financial cooperative, owned by the members with the primary mission of providing products and services to meet members’ banking needs.Question: Are my funds insured?Answer: Yes, your funds are insured by the National Credit Union Share Insurance Fund up to $250,000 until 2013. Account ownership determines how this amount can be expanded.Question: Where does the credit union earn its income?Answer: Interest from loans generate the majority of income. The goal is to meet the borrowing needs of members. Currently, 96% of all deposits are loaned out to our 63,000 members.Question: What about profits and reserves?Answer: NavyArmy has 10% capital which is considered very profitable by industry standards. The board has elected to share excess profits with depositors in the form of yearend bonus dividends for the past 14 years.Question: Does NavyArmy offer Real Estate loans?Answer: Yes, NavyArmy offers Real Estate loans. Our Mortgage Center is located at 6646 South Staples in The Market at Timberlake. Call 361-986-4500 or 800-622-3631, option 3 for more information.Question: Are our investments safe?Answer: Yes, our investment policy has always been very conservative, and we hold none of the mortgage backed securities that are negatively affecting others in the financial industry. Again, most deposits are loaned out making investments a small portion of assets.Question: How about audits or examinations?Answer: We are regulated by the National Credit Union Administration and are routinely examined. In addition we have an annual opinion audit and monthly audit processes. All sources consider NavyArmy safe and sound.Question: What about management tenure?Answer: Tenure of the President is 20 years, and the Executive Vice President/Controller 21 years. The management team is largely comprised of internal promotions and are ground up success stories. Our management team has an average of over 10 years with the credit union and average 19 years when considering industry exposure. The board of directors’ average tenure is in excess of 15 years.Question: How do I know you are telling the truth? Where can I verify these figures?Answer: Go to www.ncua.gov; Enter charter number 9998 and you can review financials and past performance.Navy Army is chartered to serve the citizens of six counties, Nueces, San Patricio, Kleberg, Jim Wells, Bee and Aransas. The growth that we have experienced over the past five years ranks us as one of the fastest growing credit unions in the United States. There is a reason for this growth - we understand what business we are in and our mission.
