From the desk of John A. Davis, Jr, CEO of Pen Air Federal Credit Union.

Pen Air Federal Credit Union Remains Strong in Unsettling Economic Times 

Dear Member/Owners,
With growing apprehension and low consumer confidence in the current market economy, we want you to know that Pen Air FCU is a very strong Credit Union, with capital and reserves of over $92 million dollars.
We’ve all heard the latest news regarding the explicit Federal guarantee of Fannie Mae and Freddie Mac.  The two mammoth government sponsored mortgage companies own or guarantee $5.2 trillion in U.S. home mortgages.  And the closure of IndyMac Bank recently by the federal regulator, Office of Thrift Supervision, has also made the headlines of late.
Rest assured Pen Air FCU hasn’t been making the risky types of mortgages that have caused concerns for other financial institutions, such as IndyMac.  Your assets are safe with Pen Air FCU.
In light of this recent news we thought you might have some questions or concerns regarding how Pen Air FCU federally insures your money.  Here are some quick points of reference:
1.	 As the NCUA brochure in our lobbies explains, the shares in Pen Air FCU are insured by the National Credit Union Share Insurance Fund (NCUSIF), where not one penny of insured savings has ever been lost by a member of a federally insured credit union.  This fund is backed by the full faith and credit of the United States Government.  Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under direction of the three-person NCUA Board.  You may read about the details in the lobby brochure “Your Insured Funds” or in an online format at http://www.ncua.gov/Publications/brochures/insured_funds/funds.pdf
2.	Each Pen Air FCU member/owner is federally insured up to at least $100,000 by the NCUSIF.  Many families can increase the amount of share insurance coverage they receive by the appropriate structuring of deposits in various individually and jointly held accounts.
3.	Traditional and Roth IRAs and KEOGH retirement accounts are insured separately up to $250,000 by the NCUSIF.  A NCUA Share Insurance Estimator is also available for your convenience at http://webapps.ncua.gov/ins/.
We hope these resources serve to answer any questions or concerns, and we hope this information reassures you that even in rough economic times, you can feel confident entrusting us to safeguard your hard-earned savings.  Should you have any questions or concerns, please feel free to call us directly at (850) 505-3200 or visit any of our locations.

Sincerely,
John A. Davis, Jr.
President/CEO
Pen Air Federal Credit Union