May 15, 2009

Midwest Corporate FCU announced to its members today that it is a participant in the revised NCUSIF Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP).

The Midwest Corporate Board and management reviewed the new Corporate CU Deposit Guarantee Program Agreement at a special meeting on 4/29/09.  The new guarantee agreement, in addition to allowing for the extension of the deposit guarantee period, revised nearly all of the restrictive language that caused concerns with the original agreement.  While the revised restrictions are essentially the same, the provisions to approach the NCUA for waivers has made the agreement much more acceptable and less restricting on future Board authority.  Therefore, the Board Of Midwest Corporate unanimously agreed to participate in the revised Corporate CU Deposit Guarantee Program. 

As of today, all deposits in excess of NCUSIF insurance limits (except for capital accounts and term deposits with maturities in excess of two years) are now 100% guaranteed under the terms of the program by the NCUSIF.  The fact sheet from the NCUA explains the program terms in more detail.  

The Board and management of Midwest Corporate thanked thier members for supporting the decision to not participate in the original program.  According to Midwest Corporate CEO, Doug Wolf, "We continue to believe that it was the appropriate decision to not participate in the original guarantee program.  However, the changes made to the program by the NCUA gives us the flexibility we felt we needed going forward and we are confident that participating in the revised program is the right course of action now."