We're Moving to Downtown Northbrook!

Our Northbrook branch, at 3400 Dundee Road, is moving to 1334 Shermer Road in downtown Northbrook.  Our new location will be close to the Metra Station and Northbrook shopping.  It will also feature a large parking lot with easy access, an ATM & night drop, and extended hours:  Monday - Friday 9am-6pm, Saturday 9am-2pm.  

We will be open for business at our new location on:

Monday, August 25

Our last day of operation at the current location is:

Friday, August 22

Watch for more information on our Grand Opening Celebration this September!

What You Need to Know About Share Insurance

We've all been hearing the latest news regarding the explicit Federal guarantee of Fannie Mae and Freddie Mac, the two mammoth government sponsored mortgage companies who own or guarantee $5.2 trillion in U.S. home mortgages and the closure of IndyMac Bank by the federal regulator, Office of Thrift Supervision.   That is why we found it important for Premier Credit Union members to understand that they can feel very secure about their account with Premier Credit Union.  

Your Money Is SAFE at Premier Credit Union

Each Premier Credit Union share account is federally insured to at least $100,000 by the NCUSIF and privately insured for an additional $250,000 by Excess Share Insurance (ESI), the largest private deposit insurer. Traditional and Roth IRAs are insured up to $250,000 by the NCUSIF and are also covered for an additional $250,000 by ESI.

Learn about Share Insurance

Your money at Premier Credit Union is federally insured by the National Credit Union Administration (NCUA). The NCUA is an independent United States government agency that insures the deposits of credit union members nationwide. The NCUA examines, supervises and insures both federally-chartered and qualifying state-chartered credit unions. Premier Credit Union is a qualified state-chartered credit union.

The National Credit Union Insuance Fund(NCUSIF) is backed by the full faith and credit of the United States Government.  The fund was 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.  Not one penny of insured savings has ever been lost by a member of a federally insured credit union - NCUA.

Basic Facts about your Share Insurance:

• Individual accounts with same accountholder are totaled and insured up to $350,000
• Joint accounts are insured separately from individual accounts up to $350,000
• Includes funds in share, checking, money markets, and share certificate (CD) accounts
• IRAs insured separately up to $500,000
• There is no charge for share insurance protection

Financial Strength & Stablitliy of your Credit Union

Premier Credit Union is financially strong.  We remain well capitalized.  Under our regulatory guidelines we must maintain a minimum capitol ratio of 7% (net worth to total assets). At June 30, 2008 our Capital ratio was 12.3% based on our quarterly filing with our regulators.  We are very highly capitalized especially compared to many of the largest banks in the country, which operate with a similarly computed ratio of approximately 6%.

Premier Credit Union has never made any of the highly publicized sub-prime loans that placed other financial institutions in troubled waters. As of June 30, 2008, Premier Credit Union has a minimal number of delinquent member loans.    We know that you trust us with your money and we will only invest and lend in an appropriate manner. 

Our financial strength is also derived from our structure.  The North Carolina Credit Union League President/CEO, John Radebaugh, explains why credit unions remained healthy due to the key difference in their structure.   "As cooperative financial institutions, credit unions are not reliant upon the capital markets for funding -- but are instead funded through member deposits," he noted. "As the credit crunch hits much of the economy, credit unions by contrast have money that they’re ready to lend out to their members."

Lending Capacity Remains Solid

Our financial strength, structure, and lack of these risky sub-prime loans gives us the ability to lend in this environment.   That means our members can borrow as normal.  Our lending guidelines have not been scrutinized or tightened as with many other lenders today.  Our members do not have to jump through hoops be approved for real estate, auto, and other consumer loans.

Thank you

We appreciate that you have chosen to be a member of Premier Credit Union.  We will always treat your money with the respect that it deserves.  As we repeatly state: we do, and will continue to, operate IN YOUR BEST INTEREST, ALWAYS.

For more information try the following links:

America's Credit Unions: Secure, Strong (from CUNA).
NCUA press release concerning strength of NCUSIF (issued July 14, 2008).
NCUA Share Insurance Estimator for members.
Your Insured Funds brochure for members from NCUA.

Important Information Regarding The District 211 Branch

Temporary construction hours:

Monday - Friday        8:30am - 4:30pm

District 211 is currently in the process of renovating and expanding their facility.   During the construction, there will be no access to the night depository.

The construction will, unfortunately, also affect your access to the credit union during the next several weeks.  You will no longer be able to enter through the main door to the credit union.  All foot traffic is being re-routed to the South Entrance.  There will be signs posted to help direct you to the right place.  We apologize for any inconvenience this may cause and thank you for your patience.

FLEXPower Home Equity
DON'T STRESS! Get FLEXible using Premier Credit Union's FLEXPower Home Equity:

• Available when you need it.
• Use funds for anything.
• Flexible payment - up to 20 years amortization.
• Pay loan down to zero at any time - no penalties! Plus your line of credit remains available . Flexible rates as low as Prime - 1/4%*
• No on-site appraisal - for loans under $150K. (Don't worry about cleaning the house!)
• Plus, FLEXPower has NO FEES**!

That means:

• No Application Fees
• No Appraisal Fees
• No Closing Fees
• No Annual Fees

You can always trust your local, not-for-profit credit union for the best deal. Other programs are available. We'll be happy to discuss your needs and find a program that is right for you! Just give Roseann a call at 847 843-6500 x1634 or apply online!

*Prime rate as stated in the Wall Street Journal. This loan has a variable rate and may change monthly based on the prime rate stated in the Wall Street Journal.

**You may be required to reimburse costs incurred by the Credit Union if loan is closed (lien released) within one year of origination.