Security by design.

In light of the current economic environment, including news of bank closures, the deterioration of credit markets, and declining stock valuation of financial institutions, we want to reassure Utah First members regarding the financial strength of your credit union. We were founded on solid financial principles and have maintained a strong financial position focused on safety and soundness. We are and will continue to be an excellent place to deposit and borrow money. Utah First has been in existence since 1935 and continues to be well managed. We value your membership and look forward to many more years together.

Today, there are two areas of critical importance for a financial institution: capital and liquidity. Capital is the best indicator of an organization’s financial position. Utah First is considered “well capitalized” by industry standards, which is the highest rating available. With respect to our liquidity, we are well prepared. We continually monitor our current situation to ensure we have adequate resources available at all times. We also maintain additional funding sources to cover any unusual or unexpected circumstance.

Lending practices have received a lot of attention in recent months. Utah First always been very prudent and conservative in its lending. Much of the turmoil in the market has been caused by sub-prime lending activities. We are not involved in sub-prime mortgage, auto, or credit card lending, which protects you and your credit union from undue risk. This, combined with our member's excellent loan repayment history, makes our lending portfolio strong.

In addition to Utah First's lending strength, your deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF). Your deposits are insured up to $100,000. Members may further increase their insurance coverage by putting their share/share certificate accounts into different ownership types within Utah First. Individual Retirement Accounts (IRAs) are insured separately up to $250,000. The NCUSIF is managed by the National Credit Union Administration (NCUA), an independent agency of the United States Government.

For more information on deposit insurance, contact NCUA at (703) 518-6330 or visit http://webapps.ncua.gov/Ins/ to receive a free deposit insurance estimate.

If you are experiencing difficulties in meeting your obligation with any financial institution we encourage you to contact us. You may also call for a complimentary investment portfolio review. Now is an excellent time to review or create a long-term financial plan.

Utah First is ready to answer your questions. Please call us at 888-EZ-2-SWITCH.