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FinancialsThe recent economic recessionary years have been challenging for families, individuals and businesses, especially financial institutions. AltaOne is being impacted by our current economy with greater than ever previously experienced loan losses. A small portion of those losses are in real estate secured loans. However, AltaOne did not participate in the subprime or alternative mortgage crisis. We believe our loan losses are simply bad things happening to good people in an unfortunate economy.
AltaOne’s weak net income is a direct result of unprecedented loan losses. Our strategic plan for the diversified growth of the Credit Union involved reinvesting some of our capital to build for the future; it did not anticipate this prolonged economic crisis, the likes of which have not been seen for generations.
We are adequately-capitalized according to Federal regulation. We also maintain sufficient liquidity. Therefore, AltaOne remains a safe and secure depository and lending institution. You can also rest assured that your deposited money is safe with the increased $250,000 share insurance from the National Credit Union Administration (NCUA). Please contact us directly if you have questions.
We believe in complete transparency of information about this member-owned organization. To this end, AltaOne’s Federal Credit Union's current financial condition can be found in the document to your right.
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