We Are Your Trusted Financial Partner
As we follow, very closely, the closure of Silicon Valley Bank (SVB) by the California state bank regulator and the run-on deposits by its customers. We also learned that Signature Bank, out of New York, that services mainly law firms, was also closed by its state-chartering authority.
We take this time to remind you all deposits at First United CU are secured by the NCUA (National Credit Union Association) up to $250,000.00, as well as the fact that even with respect to SVB and Signature Bank, all their bank deposits will be available and that all depositors will be made whole.
“The U.S. banking system remains resilient and on a solid foundation, in large part due to the reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.” – Joint Statement by Treasury, Federal Reserve, and FDIC
Here at First United CU monitor our financials closely in committees and with the Board of Directors. We, as a credit union, have no worries and have a stable capital ratio and liquidity that remains above peer. This is due to the availability that we can offer members competitive deposit rates and continue to have the loyalty of our members looking to us for their loans.
The future of First United CU and the application for the merger with North Central Area Credit Union is still stable and hope to hear back any day from NCUA and the state. This also shows that there are no worries for the credit union like there were for these banks in California and New York. We look forward to the future as a combined credit union and work towards taking these additional steps to help improve the credit union and others.