WHAT IS THE TAMPA BAY FEDERAL CREDIT UNION DIFFERENCE?

New federal laws and regulations are changing the structure and face of the financial services industry. Based on the “bailout phobia” that exists, more regulatory change is on the way. In this time of accelerating change, it is important to truly understand how credit unions are unique and different. Why do credit unions remain a necessary and extremely popular financial alternative for nearly 100 million Americans.

Not-for-profit - Credit unions are not-for-profit financial cooperatives. Tampa Bay Federal Credit Union exists to serve our members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.

Ownership - Credit unions are economic democracy. At a credit union, every customer is both a member and an owner. Each Tampa Bay Federal Credit Union member has equal ownership and one vote -- regardless of how much money a member has on deposit.
Volunteer Boards. Tampa Bay Federal Credit Union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily.
Membership Eligibility. In general, credit unions cannot serve the general public. People qualify for Tampa Bay Federal Credit Union membership through their employer or organizational affiliations.

Financial Education - Credit unions assist members to become better- educated consumers of financial services. A national study shows that just ten hours of personal finance education can positively affect students' spending and savings habits for a lifetime. Tampa Bay Federal Credit Union has partnered with the National Endowment for Financial Education, a not-for-profit foundation, to expand financial education among high school students.

Social Purpose: People Helping People. Credit unions exist to help people, not make a profit. At Tampa Bay Federal Credit Union, our goal is to serve all of our members well. Our Mission:

Serve Members’ Changing Financial Needs…with pleasure.

Every member counts. Our members are fiercely loyal for this reason. They know their credit union will be there for them in bad times, as well as good. The same people-first philosophy causes members of our team to get involved in community charitable activities and worthwhile causes.

THE CREDIT UNION DIFFERENCE – ALIVE AT YOUR CREDIT UNION!

Tampa Bay Federal of the Future

Tampa Bay Federal Credit Union is a trusted, service oriented financial services provider. Community leaders, as well as our membership, service associates, peers, regulators, and business partners share this view. We demonstrate social responsibility through meaningful involvement within the community.

Tampa Bay Federal Credit Union's financial strength is demonstrated by achieving benchmarks that rank in the top 25% among America's credit unions. This is accomplished by continuous improvement of our internal operating efficiency through process improvements, out-sourcing, and joint venturing.

As a financial services provider of first choice for our membership, Tampa Bay Federal Credit Union provides value through member education and a strategic array of contemporary financial products and services. These financial products and services are delivered to the membership utilizing efficient technology and convenient access, while maintaining the personal touch. Where physical service locations are required, they are cost effective, results driven and project an image of progressiveness, strength, and safety while supporting and promoting product usage and service quality.

As an employer of first choice, Tampa Bay Federal Credit Union provides an excellent work environment, opportunities for education and professional development, individual as well as team recognition, and an innovative compensation-benefit program. Our Service Team members consistently deliver quality service to all customers. They are culturally diverse, professional, multi-skilled, motivated, quality driven and able to serve member's multiple needs. Our Service Team members are team spirited and work as partners to achieve the Credit Union's long-term vision and goals.

The Board and Committee members of Tampa Bay Federal Credit Union represent our diverse field of membership. These volunteers are knowledgeable, business minded, team spirited, dedicated and committed to credit union's long-term vision and goals.

Introducing the Tampa Bay Federal Experience

Normally, I co-write a report with our Chairman of the Board for the Annual Report. And, I rely on the Broadcaster to communicate the work of our fine sales and service team, as well as the features and benefits of the many financial products provided by Tampa Bay Federal Credit Union. These are unusual times. So, I think it is time for me to step up and share my perspective on the recent events in the financial markets.

The Stock Market has been in turmoil, to say the least. Daily ups and downs have been unmatched in history. The difficulties have spread to Europe and Asia. The Group of 8 Industrialized Countries (G8 – United States; Canada; France; Germany; Great Britain; Italy; Japan; and, Russia) have met in emergency sessions to determine what actions are necessary to stabilize world financial markets. Actions have been taken and we’ll have to see if the intended results are achieved.

With all the uncertainty in the markets, the National Credit Union Administration (NCUA), along with the Federal Deposit Insurance Corporation (FDIC), has been authorized to increase the Federal Deposit Insurance limit to $250,000, until December 31, 2009. I anticipate that this “sunset” date at year-end 2009 will be eliminated early next year. For nearly twenty years, Tampa Bay Federal has offered additional, private deposit insurance on our member accounts. The American Share Insurance Corporation (ASI) provides Excess Share Insurance (ESI) to Tampa Bay Federal Credit Union members for an additional $250,000. This means that all deposits are insured at Tampa Bay Federal to $500,000.

So, what should we expect? While uncertainty continues to rule the day, we can take some comfort in the words of the late President, Ronald Reagan. Shortly after the Crash of 1987 he said, “Markets go up and markets go down.” Today, markets are seeking equilibrium. How does all this impact Tampa Bay Federal Credit Union…and you? While unemployment remains high, loan delinquencies will remain high. While uncertainty remains in the market and unemployment remains high, consumer confidence will be shaky. People will be reluctant to buy cars and other large purchases. Manufacturers will not increase inventory levels. Once confidence returns to the markets, we should see a return to purchasing homes, autos, etc.

While I don’t think we’re at the bottom, we’re near the bottom. Global attention is being directed to Global Markets. There have been unified interest rate cuts among the industrialized nations of the world. It will be some months before a significant upturn occurs. Stay flexible and be ready to adjust.

In the meantime, let me hear your concerns.