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ALEC is your trusted financial partner. A message from Joseph Trosclair, ALEC President/CEO.
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.
Explore the latest news and upcoming ALEC events.
Introduction to Estate Planning Webinar with David Lutrey
Wednesday, March 8, 2023, 5:30 — 7pm CT
Learn what Estate Planning is and why you should use it.
Women and Money: Take Charge of Your Financial Future Webinar
Thursday, March 16, 2023, 12 — 1pm CT
This webinar is a good resource that outlines some things to be aware of for women looking to improve credit.
At ALEC, we're continuing to do everything we can to protect the health and safety of our members and employees. Click the link below for all relevant information