Deposit Insurance
While FDIC insurance has been widely discussed in the media, little has been said about coverage for deposits in credit unions. SECU’s deposits are insured by the National Credit Union Share Insurance Fund. The NCUSIF is managed by the National Credit Union Administration (NCUA); the credit union’s insurer. NCUA and FDIC coverage are both backed by the full faith and credit of the Federal government. For more information about this coverage, click on the link below. You may also call the Member Service Center, visit any branch, or contact the NCUA Insurance Call Center directly at 1-800-755-1030, extension 1.
Schlumberger Employees Credit Union is a State of Texas-chartered, Federally-insured financial cooperative. The Credit Union is regularly examined by the NCUA and the State of Texas, to ensure that it operates safely and soundly, and does not engage in practices that would pose undo risk to the NCUSIF or its members.
More Information About NCUSIF Coverage
Well Capitalized
The strength of a financial institution is measured by its capitalization, which is also a measure of its soundness and ability to weather a financial storm. Until recently, little attention was paid to the capitalization of individual financial institutions.
Our Board of Directors – which is made up of elected volunteers who serve without pay - have worked alongside the credit union’s management team to carefully build SECU’s current level of capital. This ensures that our credit union has adequate reserves at all times.
The NCUA considers a credit union adequately capitalized at 6% capital-to-assets ratio. Schlumberger Employees Credit Union currently maintains a capitalization of 14.06%, more than twice the adequate safety margin. SECU is well-positioned not just to weather the storms of uncertainty and disruption, but to be strong enough to flourish and continue to provide better services to accomodate our members growing financial needs.
Stable Growth, Service Excellence!
SECU has been growing with our Schlumberger community for 61 years. This growth has been moderate by some perspectives, but our Board and management have not focused solely on growth, but rather on service excellence. We have focused on substance over appearance; on strength rather than flash and on long-term member value over short-term returns. We have not, and will not, put our members’ assets at risk in order to attain short-term profits.
As the bad news about many other financial providers continues to emerge, I not only provide my assurance of SECU's strength and soundness, I invite you to look further into the things that truly set our credit union apart. The credit union has continued its steady growth this year amidst all of the turmoil because our values are different from financial institutions that exist to generate profits for investors and the stock market. This difference is now very apparent.
Harold Ottis
President/CEO
