Financial "Crisis" Highlights Benefits of Banking
with Wings

Paul V. Parish
President/CEO

Having worked in the financial services industry for my entire career, I read with interest the news of the past few months concerning the difficulties being faced by many financial institutions in these challenging times. Some banks are in deep difficulty due to large amounts of subprime mortgage lending. Other banks are in trouble due to large numbers of commercial loans in default. While still others are being required by the FDIC to raise billions of dollars of additional capital just to stay in business.

I contrast this unpleasant news with the daily reality of my job at Wings Financial. We've never made subprime mortgages or commercial loans so we've been able to avoid that mess. According to our federal regulator, the National Credit Union Administration, we are considered "well capitalized" and on very solid financial ground. Our membership rolls continue to grow. We're gratified that more and more people want to do business with Wings Financial. Things continue to go very well for your credit union.

Deposits Grow, Money to Lend
Our biggest challenges currently are how to manage the influx of deposits we continue to get because of the uncertain stock market and how to stimulate loan activity in the face of the general slowdown in consumer spending. Our deposit rates continue to be among the best in the country. We continue to get deposits because of our great pricing and the solid financial results we continue to post. Our members have faith in Wings Financial and for that we're very grateful. We intend to do our best to maintain our market-leading pricing.

On the loan front, demand has been flat. Consumers, in general, have pulled back on spending. Wings Financial, however, has money to lend. Our loan rates continue to be extremely competitive. If you have an active checking account with direct deposit at Wings Financial, your rate for a new or used car, boat, RV or airplane is only 4.75% APR.* That's right, only 4.75%. You'll note that we don't say "as low as 4.75%" like many other financial institutions do. That's because our rate is valid for every Wings Financial member who qualifies. We don't change our rate based on credit score or loan term or the number of other products you have. We have one great rate for everyone and it's 4.75%.

Check Out Our Platinum Credit Card
One product in the news lately has been credit cards. New federal legislation will limit the interest and fees banks can charge on credit card accounts. While the intent of the law is honorable, the practical impact may be to cause banks to limit their credit card lending in the future. Like many of our products, the Wings Financial Platinum credit card is simple and straightforward. Our Platinum card has no annual fee and an interest rate of just 8.9% APR.* There is no fee for cash advances on our Platinum card and we won't raise your interest rate if your payment is just a day late like some banks do. If you're in the market for a new credit card, I ask that you consider our Platinum card.

While the news on the financial front continues to concern everyone, be assured that Wings Financial remains a solid, safe and secure place for your money. We've managed ourselves conservatively since 1938 and those conservative practices continue to serve us well in these troubled times. Our board of directors, management and employees remain committed to providing you with the best overall value available in financial services today. Thank you for your continued support of Wings Financial.

Sincerely,

Paul V. Parish
President/CEO

*APR = annual percentage rate.

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eMoneyMatters is published by the Marketing Department at Wings Financial Federal Credit Union for its members. It is designed to help maintain communication with members and provide reliable and helpful information that will contribute to each member's overall financial well-being. eMoneyMatters is published at Wings Financial Federal Credit Union, 14985 Glazier Avenue, Apple Valley, MN 55124, (952) 997-8000. While consistent effort is made to ensure the integrity of information contained in this publication, material should not be considered legal, financial or professional advice. The publishers do not assume liability for loss or damage as a result of reliance on this data. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©SnapVillage. Copyright ©2009 Wings Financial Federal Credit Union. All rights reserved.