March 13, 2023

A Letter to Our Members and Communities

AltaOne Federal Credit Union is a strong member-owned financial cooperative and proud to be your trusted partner. We exist to help all our 55,000+ members throughout Kern, Inyo, and Mono counties and beyond, achieve their goals and attain financial freedom.

Friday, and over the weekend, two banks located in California and New York were seized by the Federal Deposit Insurance Corporation (FDIC) and have been reopened under their direction. The FDIC has stated that although most of the deposits at both institutions were uninsured, their customers will continue to have access to all their funds.

You may have concerns about the US banking system. Please rest assured that the banking system is working how it was designed, to protect depositors.

AltaOne’s Strong and Diversified Membership
Through the years, AltaOne has helped the areas we call home to survive and thrive regardless of economic conditions, weather patterns, earthquakes, the COVID pandemic, or the opening and closing of industries. Our prudent financial management has had its critics, but our results show that we are financially strong with over $780 million in total assets and over $66 million in net worth, which is more than $11 million above the required federal regulatory level for well capitalized institutions. Additionally, the credit union recognized over $4 million in net income in 2022. Our financials are always available and can be viewed at the NCUA’s website and are posted at each branch location.

Our strength is due to our diversification. We serve many communities and hard-working families who are eager to find the best financial path for their lives. They work in various industries and are not concentrated in any specific type of business. From education to military, healthcare to farm workers and municipal to the petroleum industry, we have proudly served those who power our local communities for 76 years.

Our Focus is on Helping Members and Our Communities
We continue our mission to improve the inequalities that exist in income, wealth, and access to financial solutions. Our focus remains on meeting the financial needs of those who work and live in Kern, Inyo, and Mono counties.

If you have questions, please reach out to your local branch or directly to me.

Thank you for your membership,
Stephanie Sievers, CEO

FAQ: Frequently Asked Questions

What happened to cause the banks to close?
• Both banks held high concentrations in tech start-ups and/or the crypto currency markets. Also contributing to the decline of the banks was the large dollars invested in long term fixed rate bonds at low rates of return. In a rising interest rate market, the banks sold those bonds at a loss causing more stress to the balance sheet. Unlike AltaOne which serves a diverse market and not concentrated within or reliant upon any one industry or segment.

Is my money safe?
• Your deposits at AltaOne are insured by the National Credit Union Administration (NCUA) up to $250,000 per share owner.

• AltaOne is capitalized well above the regulatory requirement and is financially strong with $780 million in total assets and over $66 million in net worth which is more than $11 million above the federal regulatory level.

Helpful Links:

AltaOne’s Financial Information on the NCUA Website:
https://mapping.ncua.gov/CreditUnionDetails/5612

Flyer: English-Share Insurance Overview:
https://mycreditunion.gov/sites/default/static-files/share-insurance-coverage-overview.pdf

Flyer: Spanish-Share Insurance Overview:
https://mycreditunion.gov/sites/default/static-files/share-insurance-coverage-overview-spanish.pdf

Brochure: English-NCUA - How Your Account is Insured:
https://ncua.gov/files/publications/guides-manuals/NCUAHowYourAcctInsured.pdf

Brochure: Spanish-NCUA – How Your Account is Insured:
https://ncua.gov/files/publications/guides-manuals/NCUAHowYourAcctInsured(Spanish).pdf

Online: NCUA Share Insurance Estimator:
https://mycreditunion.gov/insurance-estimator

Online: Share Insurance
https://mycreditunion.gov/share-insurance

Colleen Bulgarelli retires from AltaOne after 40 years of service

RIDGECREST, CA—After 40 years of distinguished service to AltaOne Federal Credit Union, Colleen Bulgarelli, Branch Manager of the Lake Isabella and Kernville branches has retired. 

Bulgarelli started her career as a teller at the China Lake Base Branch in 1982. After progressing through the ranks and moving to Lake Isabella, she ends her career managing the two Kern River Valley branch locations.

“Colleen has shown exceptional leadership and leaves a legacy of service to her team and community. She will definitely be missed.”, said Stephanie Sievers, AltaOne CEO.

Bulgarelli stated, “I met my husband David while working at the credit union and the credit union played a part in the raising of my kids!  Back then work/life balance wasn’t something considered, but the credit union allowed me to work part time for many years so I could spend more time with my children. I feel this enabled us to give them a great foundation, which shows in their lives now.” Bulgarelli’s children have grown up to be medical professionals—daughter Jamy is an OBGYN and son Cody is a Physician Assistant.

Looking back Bulgarelli said some of her mentors included Donna Hollingsworth and Marie Riggs. “Donna showed me how to build a high performing team and to lead with compassion and empathy. Marie offered life advice. She told me when I was hired to start preparing for retirement now, which I did by adjusting my 401k deductions regularly and investing for the future, ensuring we were set to enjoy retirement.”
 
Among the things Bulgarelli will miss about the credit union are the members, team, and serving the community. “I plan to continue serving the community, but in a different capacity.” Bulgarelli said.

“I have always believed in the credit union’s culture, it’s what’s kept me here.  We truly care about our members and communities and work to make them better.” added Bulgarelli.

Looking ahead Bulgarelli plans to travel, spend time with family, and see where things take her. “I am excited to get out and use my e-bike, travel trailer, and spoil my grandson.”

“We are in the process of recruiting a new manager for Lake Isabella and Kernville. It’s important for us to find the perfect person to continue our legacy of community service.”, Sievers said about the search for Bulgarelli’s replacement. Interested individuals may review the job description at AltaOne.org/Careers.

About AltaOne Federal Credit Union 
AltaOne Federal Credit Union is a federally chartered, full-service financial cooperative with $794 million in assets, serving over 54,000 members.  Headquartered in Ridgecrest, California, AltaOne was organized as the Naval Ordnance Test Station Federal Credit Union in 1947 at China Lake.  Membership is open to those who live, work, worship, volunteer or go to school in Kern, Inyo, and Mono counties, as well as select communities in northern San Bernardino County.  Branches are located in Bakersfield, Bishop, Boron, California City, China Lake, Kernville, Lake Isabella, Lone Pine, Ridgecrest, and Tehachapi.  Certified as a Community Development Financial Institution by the US Department of the Treasury, AltaOne serves many areas that have limited or no availability to financial services. For more information on AltaOne, visit AltaOne.org. 

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CONTACT INFORMATION: 
Chris Lowe, Brand Manager/Marketing & Development 
(760) 371-7000, ext. 1334
clowe@altaone.net
AltaOne.org

AltaOne Federal Credit Union CEO, Stephanie Sievers, named one of 
American Banker’s Most Powerful Women in Credit Unions

RIDGECREST, CA—AltaOne Federal Credit Union’s (AltaOne) CEO Stephanie Sievers has been named to the Most Powerful Women in Credit Unions listing by American Banker, a trade publication for the financial industry.
 
Sievers became CEO of AltaOne in May 2021 and since has shepherded the credit union through a bank branch acquisition in Ridgecrest CA; opened a de novo branch in Tehachapi CA; joined the Co-Op ATM and shared branching networks; received the Community Development Financial Institution certification; expanded business products and services and implemented a 5-year strategic plan—resulting in lending, deposit and membership growth and a decrease in employee turnover.   

On hearing the news of the announcement Sievers said, "Our industry is full of strong female leaders who are making a positive impact in their organizations and within their communities. We are but a small representation of the many, and I’m humbled to stand amongst the amazing women on this list.”  

“American Banker is proud to share the stories of 25 of the women leading the credit union industry through times of rapid and unprecedented change. The women leading many of these organizations are ensuring they have a culture of inclusion, not only within their ranks but how they serve their members.” the American Banker article states.  Those on the list represent credit unions, large and small, from across the country and were selected from peer nominations.  
 
To read the full article by American Banker, visit: https://zurl.co/tNV3 

About AltaOne Federal Credit Union 
AltaOne Federal Credit Union is a federally chartered, full-service financial cooperative with $794 million in assets, serving over 54,000 members.  Headquartered in Ridgecrest, California, AltaOne was organized as the Naval Ordnance Test Station Federal Credit Union in 1947 at China Lake.  Membership is open to those who live, work, worship, volunteer or go to school in Kern, Inyo, and Mono counties, as well as select communities in northern San Bernardino County.  Branches are located in Bakersfield, Bishop, Boron, California City, China Lake, Kernville, Lake Isabella, Lone Pine, Ridgecrest, and Tehachapi.  Certified as a Community Development Financial Institution by the US Department of the Treasury, AltaOne serves many areas that have limited or no availability to financial services. For more information on AltaOne, visit AltaOne.org. 

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