APPLE VALLEY, Minn. — Wings Financial Federal Credit Union is reassuring members that the financial institution is "safe and secure" in the midst of the subprime mortgage crisis and liquidity issues affecting markets worldwide.
In a post on its Web site (www.wingsfinancial.com), the $1.8 billion Wings Financial said many Wings members have raised questions as to the credit union's "ownership of distressed assets."
"We are pleased to report that Wings never entered into the underwriting of subprime mortgages, and our investment portfolio has virtually no exposure to risk from these types of investments (less than 0.05% of our total assets could be considered exposed)," according to the Web posting.
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Wings told members that before investing any funds at another organization, it evaluates the stability of the organization and continues to monitor that organization going forward.
"On this issue, Wings is also pleased to report that all our business partners are sound," the credit union said. "Wings' own liquidity is more than sufficient to meet anticipated member demand for loans, insured investments, and cash withdrawals."
Wings Financial, which partnered with several airlines last year and led an unprecedented merger campaign towards $177 million Continental FCU, told members they "can take great comfort knowing that Wings is safe and secure while providing market leading rates and services."
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