One of General Electric Credit Union’s strengths has always been our sound and steady stewardship of your funds. At GECU, we remain in an extremely healthy financial position with strong capital. Our assets are invested in the communities we serve and in a diverse portfolio of other instruments to ensure a consistent return for our members. Because of this diversity, our members are never exposed to unnecessary risk from a downturn in any particular asset class. You can bank with confidence knowing that your accounts are safe.
As of the end of 2022, the Credit Union had nearly $4.7 billion in total assets, making us one of the largest locally based financial institutions in the Tri-State. Over the last year, we have strengthened and grown an already strong loan and deposit portfolio. We continue to have a very sound loan to share ratio to keep us well balanced. We are not involved with venture capitalists or cryptocurrency. Some institutions being mentioned in the media have distinct business models that are not representative of most banks and credit unions. The investments we have are well diversified and have put us in a great position for the future.
In addition, your deposits are federally insured by the National Credit Union Administration up to $250,000 per accountholder, per ownership category, and backed by the full faith and credit of the United States government. No federally insured credit union member has ever lost a penny.
The safety and soundness of the Credit Union remains solid, and our earning assets remain strong. Year after year, we remain one of the strongest credit unions in the country and are well positioned for the future. Our Credit Union’s balance sheet is well managed, and we continue to perform at a high level. It gives me great pride to see how we continually work to Improve the Quality of Financial Lives for our members and support our communities.
Thank you for your membership,
President & CEO