news & events

In light of the recent news regarding some isolated bank troubles, I want to let each of you, our members, know that ALEC remains, as we have always been, a financially safe and strong institution. We take your decision to bank with us very seriously. You’ve entrusted us with providing you strong yields while protecting your deposits, and I want you to know that we will never relent on that mission.

As a credit union, we are not-for-profit, so earnings are returned to the capital of the institution, not shareholders. Since we are chartered to exclusively serve the employees, retirees, and family members of Abbott and AbbVie, our Board of Directors and management mandate conservative investment policies, prudent lending practices, and a focus on maintaining high levels of capital and liquidity.

Additionally, as a member of ALEC, your deposits are privately insured by American Share Insurance (ASI), which provides you with coverage of $250,000 per account, not per depositor, like other national banks. Outside of regulatory examinations, ALEC conducts annual financial and risk audits with external third-party audit firms to validate our strong internal controls and well-positioned balance sheet.

I want to assure you that the loyalty and support we have been provided by you will never be taken lightly. This is your credit union and you should feel confident about the safety of your finances. Improving your life and financial well-being will always be our charge.

Should you have any questions about this or any other matter, don’t hesitate to reach out to us.

Sincerely,

Joseph Trosclair