A Message from Mike Gilmore, President of Yakima Federal Savings and Loan Association
January 2010
Against a national backdrop of poor economic activity and news during 2009, Yakima Federal Savings and Loan Association completed another very successful year. We finished the year 2009 with no Real Estate owned and did not post any additions to loan loss reserves or write down any assets during the year. We originated more loans during 2009 than in 2008. Total assets grew by nearly ten percent during 2009 and we recorded strong profits. We are now the tenth largest FDIC insured financial institution in Washington State. At years’ end our capital ratio stood at 17.559% and our ratio of liquid assets to total assets was over 50%. These ratios set the foundation for our strength and sustainability.
On the deposit side of our business, our customers again showed great confidence in Yakima Federal by increasing their deposits by over $135 million in the Association during 2009. Over our 104 year history we have now paid $1,032,000,000 in interest to our deposit customers. Our market share of deposits compared to other FDIC insured institutions remained very strong at all of our branch locations. As of June 30, 2009, we held 25.86% of the FDIC insured deposits in Yakima County, 26.05% of the FDIC insured deposits in Benton County, and 27.98% of the FDIC insured deposits in Kittitas County.
For the past 104 years we have successfully adhered to our original mission statement of promoting thrift and home ownership. As we look forward to 2010, and our 105 year anniversary, I’d like to thank our valued and loyal customers for your patronage.
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On May 20, 2009, President Barack Obama signed the Helping Families Save Their Homes Act, which extends the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor through December 31, 2013. This extension of the temporary $250,000 coverage limit became effective immediately upon the President's signature. The legislation provides that the SMDIA will return to $100,000 on January 1, 2014. Yakima Federal Savings is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. Have some questions about deposit insurance? How much insurance coverage you have? Or, just want to know more? Use EDIE, the FDIC's interactive Web application.
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