For over 70 years, Southland Credit Union has continued to grow to better serve our Members’ financial needs. From our original 20 members and humble beginnings in 1936, we have grown into a financially strong organization serving over 32,000 Member-owners.

Many of you have heard about the uncertain times and challenges consumers and organizations are facing in today’s economic environment. From the recent news media on IndyMac Bank, to the decline in the real estate market, to the dramatic impact the sub-prime lending arena has had on lenders, the news has not been good and with it has come questions and concerns from Members and non-members on who they can trust for their financial needs and are the funds safe.

We are pleased to say that Southland’s Board of Directors and Management have been prudent when it comes to investing the assets of your Credit Union. In fact, Southland did not engage in making exotic mortgage loans or sub-prime lending when many other lenders felt it was the right thing to do. The result is your Credit Union is extremely strong and financially healthy with equity in excess of $45 million and a capital ratio of over 10%, well above industry standards.

While we are pleased to report your Credit Union is stronger than ever, we understand the reality of today’s environment and the impact it may have had on several of our Members. Our goal is to help you continue to prosper in challenging times by providing you with smart money management tips, and help you position yourself to maximize your financial security, regardless of any unfavorable changes in the economy. Achieving financial success and security takes a lot of planning and choosing the best resources to maximize your needs. The products and services Southland offers are specifically designed for the success of our Members and are among the most competitive in the marketplace.

For additonal information, please see our NCUSIF Insurance FAQ

Your Funds Are Insured

Your funds are insured with the highest level of combined federal and private deposit insurance available to credit unions. This protection includes $250,000 of federal insurance from the National Credit Union Administration, as well as $250,000 of coverage from American Share Insurance, the nation's largest private share deposit insurer. With your credit union’s financial strength and strong capital position, and combined federal and private insurance, you can rest easy knowing that your funds are safe at Southland Credit Union.

About My Federal Insurance

The NCUA is an independent agency of the United States Government. NCUA regulates, charters, and insures the nation’s federal credit unions. In addition, NCUA insures state-chartered credit unions that desire and qualify for federal insurance.

The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), which 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 the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). This brochure gives a more detailed explanation of your insurance coverage.

Here is one important fact to remember about your share insurance: Not one penny of insured savings has ever been lost by a member of a federally insured credit union!

Through the National Credit Union Administration (NCUA), your Checking, Savings, and Certificate accounts are insured to at least $250,000. Certain retirement accounts, such as IRAs and Keoghs, are insured up to $250,000.

The National Credit Union Administration is the independent federal agency that regulates, charters, and supervises credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 87 million accounts in credit unions and the overwhelming majority of state-chartered credit unions.

To more accurately estimate your specific share insurance coverage, visit the NCUA’s: Online Share Insurance Estimator

About My Private Insurance

ASI excess share insurance provides coverage for credit union members’ accounts when their balances exceed the maximum level of coverage provided by the credit union's primary share insurer; that is, either ASI, or the NCUA fund - the administrator of the federal credit union share insurance program.

NCUA’s coverage is generally $250,000 for the sum of all savings, certificates of deposit and checking accounts, and $250,000 for individual retirement accounts (IRA's). Members exceeding the maximum level of insurance coverage provided by the NCUA are then insured up to an additional $250,000 with ASI’s excess share insurance. This provides credit union members with coverage up to $500,000 for the sum of all savings type accounts and $500,000 for an individual retirement account.

For state-chartered credit unions with ASI’s primary share insurance, which provides coverage of $250,000 per account, ASI’s excess share insurance adds an additional $250,000 in coverage. This makes each account insured up to $500,000. Only when needed.

A member’s balance must exceed the primary coverage as provided by either NCUA or ASI to be insured by ASI’s excess share insurance. If your credit union's primary share insurance is provided by the NCUA, please visit their website to understand their coverage limits.

Added protection and convenience.

Save time and effort by keeping large deposits in one place. Avoid having to distribute funds between financial institutions to keep all of your funds insured.

Recognized industry leadership.

ASI has demonstrated financial stability and support of the credit union industry for more than 30 years. The company provides share insurance solely to credit unions.