A Message from the President

Challenges Yes... Bailout No

It's difficult to imagine that there could be a way that your credit union could do well while the people in northern Nevada are facing the difficulties of this economic downturn. If that were possible, then it would call into question whether GNCU is truly living up to the ideal of "People Helping People." Since credit unions are in the business of serving people, it stands to reason that they will only do as well as the people they serve are doing. And since a larger portion of GNCU's members than ever are having a rough go of things right now, it should be no surprise that your credit union is facing similar challenges.

For better or worse, this puts GNCU squarely in the company of all financial institutions in the state of Nevada. Therefore, the members I talk to regularly are not at all concerned that we are going through such trials. They appreciate the fact that their credit union has always balanced the need to be safe and sound financially with the desire to serve people and communities. They realize that GNCU has a 60-year history of successfully navigating through various ups and downs in the economy, and are happy that we have done so while keeping rates and fees well-priced, enhancing services, and reaching out to help those who could benefit from a better opportunity. They also know that their deposits remain insured to $250,000 by a fund backed by the full faith and credit of the United States government. As a result, these members always express confidence and faith in the future of GNCU. It's always good to know that our members really do "get it."

During such conversations with members, I can usually count on being asked, "Wally, has the credit union received a government bailout?" Such questions are understandable because the topic of direct governmental assistance to financial institutions has been a subject of great passion and debate for many. My answer to that question is always a definitive "No." Whether or not you agree with the various governmental attempts to assist people and industries, please know that Greater Nevada has not been the recipient of any such funding. Although there have been national efforts to ensure the stability of the entire financial institution system, individual credit unions like GNCU have not asked for, or received, any such aid.

This truth has generally brought great satisfaction to the GNCU members to whom I have spoken. They're comforted knowing that their credit union is working to weather this storm just like they are... by recognizing the importance of tightening our financial belts and making some tough choices to manage resources more wisely.

Members also typically realize that all financial institutions, including GNCU, are currently being more closely monitored by governmental oversight agencies. This increased regulator attention is just something else that goes with the territory these days. But while there are challenges to overcome, this time has also provided an opportunity to implement ideas that will ultimately help further ensure the safety and soundness of the credit union.

Naturally we are always happy to discuss these matters with any of our members. As an owner of GNCU, we always want you to be informed about what is going on in your credit union. But you can remain assured of our continued commitment to doing what is needed for Greater Nevada to prevail through this period and prosper in the brighter days ahead. You can also know that we will work hard to do so while still delivering outstanding service to the people and communities of northern Nevada.

Best Regards and God Bless

Wally Murray
President/CEO