Due to the unsettling news from the recent failure of Silicon Valley Bank, I would like to share some information about credit unions that will hopefully set your mind at ease.
• Silicon Valley Bank was a niche bank serving a particular set of customers within the technology industry, including innovative tech start-ups, entrepreneurs, and venture capital firms. The bank was focused on a limited sector, which significantly increased its risk profile.
• Credit unions are not-for-profit financial cooperatives owned by their members to serve those members’ interests, offering traditional financial products and services to local consumers and small businesses in their communities. We are not subject to big-profit pressures from investors/stockowners (unlike many banks).
• Credit unions are among the most well-capitalized financial institutions, maintaining equity reserves and liquid investments that prioritize needed safety and soundness for their members.
• All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, a separate fund not associated with the Federal Deposit Insurance Corporation for banks. These credit union deposits are insured for up to $250,000 per individual depositor, per ownership. Credit union members have never lost a penny of insured savings at a federally insured credit union, and our industry’s deposit insurance fund has the backing of the full faith and credit of the U.S. government. Go to MyCreditUnion.Gov for more information.
We appreciate the trust you have placed in Siskiyou Credit Union over the past 61 years and I want to assure you that Siskiyou Credit Union is financially strong and prepared to be here to meet your financial needs today and in the future.
We are here if you need any assistance and thank you for your membership,
Becky Ives
President/CEO
Siskiyou Credit Union