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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The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category. All of the FDIC’s deposit insurance coverage materials posted on its website – including EDIE, its Electronic Deposit Insurance Estimator – have been updated to reflect the permanent $250,000 coverage.
Use EDIE, the FDIC's interactive Web application.
Beginning July 1, 2010, Yakima Federal Savings will no longer participate in the FDIC’s Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC’s general deposit insurance rules.
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