Message from the President

Provident — Outstanding Financial Strength

Print

Despite the unprecedented turbulence and turmoil in the financial services marketplace Provident remains 100% sound and one of the biggest (19th largest credit union in California and 100th in the U.S. as of September 30, 2011) and most secure credit unions in the country. Our financial strength is demonstrated by the following:

• Provident has earned a Superior 5-Star rating for 72 consecutive quarters from financial institution rating agency BauerFinancial. Read the latest BauerFinancial press release.
• Provident's continued high levels of capital are proof of its financial strength and its ability to weather any financial storm. The National Credit Union Administration considers a credit union with 7% net worth as "well capitalized". Provident far exceeds this number with 13% in net worth as of December 31, 2011. This is equal to $193 million in capital reserves.
• Provident did not participate in risky subprime lending — the type of lending that is the source of the economic downturn. We continue to lend to our members, as in the past, using our traditional and conservative products and practices.
• Further, your deposits remain insured to the highest levels ever.
• Provident is backed by the strongest federal deposit insurance in the industry through the NCUA (National Credit Union Administration). This insurance — the NCUSIF (National Credit Union Share Insurance Fund) — fully insures all member deposits to at least $250,000 with an additional $250,000 insurance for Individual Retirement Accounts.

Despite the challenges caused by today's economy, it's business as usual at Provident. Rest assured that your money is safe and sound and insured with us. Provident continues to operate with the same common sense, conservative approach we have followed throughout our 60 year history. Please be sure to contact us if we can answer any questions or concerns for you.

Regards,

Wayne Bunker
President & CEO