I sit and write this communication as the war against the outbreak of COVID-19 is in full swing. In order to meet the newsletter deadline far in advance, I had to guess what the world would be like in early April. Based on the circumstances thus far, I can only say that things will be different and hopefully getting better each and every day. I hope that you and your family are healthy and safe.
After finishing another great year in 2019 just three months ago, American Eagle’s membership and communities are suddenly thrust into another world where normal activities and freedoms need to be curtailed to protect everyone from COVID-19. Like other financial providers, we are classified as an “essential business” by Governor Ned Lamont. We are open and doing the best we can to provide what you need. Most important is the safety and wellness of our workforce and you, our valued members. We consolidated our branch network temporarily to address healthy social distancing and to deal with staffing and support concerns. We continue to reposition our team in branches, in the call centers, and in our lending areas to provide uninterrupted service as best as we can.
Click here for the latest Credit Union information and support for members in response to COVID-19.
I want to remind you that the National Credit Union Administration (NCUA), through the National Credit Union Share Insurance Fund, provides insurance coverage for your Credit Union deposits -- backed by the full faith and credit of the United States government. The credit union insurance fund works similarly to the Federal Deposit Insurance Corporation (FDIC) that is available in banks.
We are a well-capitalized credit union with appropriate risk measures, investment restraints, and expense control to survive this latest challenge. We, like most other credit unions, got through the housing crisis and Great Recession between 2008-2010 and will come out of this again, with your support and patronage.
Why do I speak with such confidence? Because of our people, the folks you interact with every day. Throughout this emergency, they are all putting themselves on the line to be sure you get what you need, going above and beyond in many ways to support you in achieving your financial goals.
We are on track this year to upgrade our online and mobile banking experiences, providing a much-improved and contemporary look and feel to enhance your experience. We also continue work to move our East Hartford, Main Street branch down the block to a new property at the intersection of Main and Ensign streets. We expect this branch to open in the fall.
Thank you again for your patience during a very troubling time. If you need help for circumstances due to the COVID-19 outbreak, please let us know. We may be able to offer a solution to help you maintain stability and financial security until things calm down. I don’t say “return to normal” as I think every big challenge, like the COVID-19 outbreak, can and does lead to some real belief and behavior changes in many of us. Your active membership and recommendation to your family and friends will continue to fuel our growth and prosperity throughout 2020 and beyond.
President & Chief Executive Officer