IRA - Required Minimum Distribution Changes (December 2008)
On December 23rd, President Bush signed legislation to waive Required Minimum Distribution (RMD) payments for 2009.  This means that for Traditional IRA Owners (and Beneficiaries), there is not a RMD for 2009.  We will continue to distribute 2009 periodic payments as usual, unless you inform the Credit Union that you do not wish to receive your payment(s) for 2009.  If you are interested in waiving your payment, visit our Forms and Application page to complete and return the appropriate paperwork.

International Credit Card Use (November 2008)
There is a new collect phone number for VISA Credit Cardholders that may be traveling or living overseas that are contacted regarding suspicious activity on their card.  A message, similar to the listed below (in italics) can be returned by calling, 727-227-2447, collect.  Please note that this collect number is only to be used for international cardholders who are returning a call made by Fraud Alert Management.
(Hello.  This message is for [cardholder name].  This is the service center for your Viriva Community Credit Union VISA Credit Card Account.  We are calling to verify recent activity that has appeared on your account.  Please give us a call at 1-800-890-5097.  We are available 24 hours a day, seven days a week.  Again, the telephone number is 1-800-890-5097.  If you are traveling or reside outside the U.S., you may call us collect at 727-227-2447. Thank you.)

President's Letter (July 2008)

Given the recent headlines surrounding the government’s seizure of IndyMac Bank and concern over the financial stability of both FNMA and FHLMC I want to let you know that your Credit Union is in excellent financial condition.

As of June 30, 2008 our year to date net income is in excess of $136,000, assets have increased 6.99% on an annualized basis and net charge offs to average loans is a mere .54%, with loan delinquencies under close scrutiny and strict control.  Our capital position is rock-solid, as evidenced by our net worth to asset ratio of 13.95%, which is almost double the regulatory target level of 7.0%. 

Note that your share accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA), up to $250,000. Your shares and savings are not only insured by this federal fund, but the fund is also fully backed by the U.S. government. 

Each year our institution is subject to both state and federal examinations.  Having had recently gone through our state examination you can sleep well knowing that we received a very high rating from our regulators.  In addition to examinations by the Pennsylvania Department of Banking and the National Credit Union Administration we also have a third party CPA firm perform an audit on behalf of our Supervisory Committee each year.

James F. McCaw
President/CEO
July 2008