LETTER FROM THE PRESIDENT

Dear Valued Member,

Over the past few weeks you may have been hearing reports of bank failures, mergers of large financial institutions with investment companies as well as the crisis on Wall Street. In the midst of this negative press you may have concerns about the safety of your funds and the position of Grand Prairie Credit Union. It is important to me as the President of your credit union that you are aware that we are strong, sound and very well capitalized. Adding to that strength, we are member owned. We do not have stockholders or investors. Therefore, we are not a publicly traded company.

Grand Prairie Credit Union is federally insured by the National Credit Union Share Insurance Fund. Under the coverage of NCUSIF, historically, each account has been insured up to $100,000.00 with IRA’s being insured separately up to $250,000.00. Due to recent changes in the economy, the insurance has been increased to $250,000.00 per account with the IRA’s still insured separately up to $250,000.00. This increase is effective until December of 2009. For more information on Federal insurance, click here to view the brochure from NCUSIF.

The primary reason for the failure of these financial institutions is that they were financing sub-prime mortgage loans while the investment companies were investing their clients’ funds in mortgage backed securities. While Grand Prairie Credit Union offers mortgage loans, we did not engage in the practice of offering these types of loans, nor did we invest your deposits into securities collateralized by these loans.

Another issue you may have been hearing about is that some financial institutions have little or no capital that has restricted their ability to offer loans to consumers. Let me assure you, Grand Prairie Credit Union is well capitalized and is ready to help you with all your financial needs. If you’re in the market for a new home, to refinance your existing home or for auto or personal loans, call a loan officer today. We are here for you.

I want to thank you for your membership and appreciate your ongoing loyalty. We are here to assist our members through these tough economic times. Should you have any questions or concerns, please feel free to call me at 972-262-7935, ext. 100.

Brenda Jenkins
President

Homeowners insurance--make sure you're covered
Buying a house also involves making sure your house and valuables are protected in case of fire, flood, or some other disaster. Homeowners insurance can protect your property, but make sure the insurance is adequate.

CNNmone recommends looking for the following in a homeowners insurance policy:

• Ask your insurer about discounts. Safety devices like smoke alarms and deadbolts can save you 5%, according to the Insurance Information Institute. Some insurers also give 5% to 15% discounts if you buy two or more policies from them.
• Make sure the insurance covers the cost to rebuild. A cash-value policy may cover only the depreciated value of your home and belongings. A guaranteed replacement clause covers the cost of rebuilding. You may need to purchase more insurance if your insurer's appraisal is low or if your home has handcrafted cabinetry or other expensive features.
• Homeowners policies don't cover flood, earthquake, and, in most cases, sewer or storm-drain damage. You'll have to purchase separate insurance for that--especially recommended if you live in a high-risk area. This additional insurance can be purchased from the Federal Emergency Management Agency (800-427-4661).
• Make sure your insurance contains a loss-of-use clause that covers living expenses for temporary housing (rent) during the rebuilding of your house.
• You may need more insurance to protect what's inside your home. Valuables like jewelry, art, and electronics are usually subject to replacement limits of $1,500 to $2,500 per item. Also, videotape or photograph your possessions and keep a dated record in a safe deposit box or other secure place outside your home.

For more information, read "Federal Insurance Mops Up After Floods," or "Don't Borrow Trouble--Buy Renters Insurance," in the Home & Family Finance Resource Center under the housing section.

Use alternative sources for finding a job
Up to 80% of all job openings fall into the "hidden job market," according to unemployment experts. Part of the hidden job market, according to Kiplinger's, includes:

• Jobs posted at universities and colleges. Campus career centers aren't just for recent or soon-to-be graduates; many schools have continuing education centers where you can check for job postings.
• Every career field, from banking to health care, has a trade association. Most have Web sites where you can find job postings. A good place to start is at the American Society of Association Executives Web site that lets you search more than 6,500 associations by industry, city, or state.
• Try local newspapers or free weekly papers for job listings. Many of the smaller publications also have Web sites you can search through.
• Use your network. Contact everyone you know who works at a company or in an industry that you're interested in. Some companies rely on employee referrals and don't post certain openings outside the company.
• Trade publications also have job listings. Even if you're not job hunting, you should read trade publications. You can find out what companies are hiring, which ones are cutting staff, and which industries are hot or cold.

What should you keep in a safe deposit box?
There are no laws that limit what you can and cannot put in a safe deposit box. The only restriction may be in the financial institution's contract or lease when a person rents a box. What should you store in a safe deposit box? About 5% to 10% of the boxes at Florida's unclaimed property division of the state's Banking and Finance department contain substantial cash--$5,000 or more. The most common items stored in safe deposit boxes are jewelry and important papers--originals of birth, marriage, and death certificates; deeds; vehicle titles; stock certificates; bonds; valuable collectibles; and insurance photos of the contents of a home. The Federal Deposit Insurance Corp. says to store items in a safe deposit box that would cause you to be in big trouble if you lost. Don't store things you would need in an emergency such as a will, a living will, or originals of a power of attorney authorization. If you're concerned about losing safe deposit contents due to fire, theft, or flood--which is rare, but does happen--you might want to consider insuring some items such as jewelry or coins. People often make an inventory of valuable items in their house to store in a safe deposit box. Jean Salvatore of the Insurance Information Institute in New York recommends making an inventory of what's in a safe deposit box and keeping it in the house.