Outtage Update

Good afternoon,

The last few days have really put the financial markets in turmoil.  And Hurricane Ike has taken a toll on many businesses and families.  In Licking County, we felt the high winds of Ike, but not the rain that accompanied it in Texas.  If you live here, you know that many businesses and homes have been without power since late Sunday afternoon and thousands still are. 

Here at Hopewell Federal we have limited power at the main office in Heath but full power and full operations at our Newark branch.  Since we have limited power in Heath, our office is closed to members until power is restored.  My office has no lights working but my computer connection is fine.  Thankfully, I have four large windows so I can see and continue to work.  That’s not true for most of our main office.  We have three phase electric in this building and are only operating on one phase.   Since there is limited power, none of our air conditioners are working and it got up to 86 in my office, by late Tuesday afternoon. As I write this, it is a warm 82. 

Like most without power, we have called AEP to report the outage but have been told that if we are the only one on the line it could be early next week before we are back in operation.  The turmoil in the financial markets has had no effect on us- only the storm that blew through here.

We do have phone service and are fielding calls. We have sent extra employees to the Newark branch to help out there.  I can tell you … this is the busiest the branch has been since we opened it in March of 2007.  Many members have visited that branch for the first time this week.  We’re proud of the modern look and feel of the branch and are glad more of our members are getting to experience it for themselves. 

Getting back to the turmoil in the financial markets, Hopewell Federal is in no way involved in the practices that caused serious problems for the big banks and investment banks.  Our mission is to help members get ahead financially by delivering personalized banking products that members need.  Being a financial cooperative, we only serve members and are not charged with the task of earning gigantic profits for stockholders.  The greed that has brought some of the big banks down does not apply to Hopewell Federal Credit Union.

Your deposits at your credit union are federally insured by the full faith and credit of the United States Government up to $100,000 per member plus and additional $250,000 for IRA deposits per member.  Hopewell Federal also purchases excess share insurance from ESI a private insurance company.  The excess share insurance provides for an additional $250,000 coverage per member for deposit accounts and an additional $250,000 in coverage for IRA accounts.  As an individual you can have insured deposits at Hopewell Federal up to $850,000 of which $350,000 would be federally insured between regular deposits and IRA deposits. 

So as you can see, your deposits in Hopewell Federal Credit Union are safe and secure.  And ESI is not involved in the types of coverage’s that is causing problems for AIG which has recently been rescued by the Federal Reserve. 

If you have questions about our safety and soundness or deposit insurance coverage, write me directly. I’d love to hear from you

Al    

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