I am sure you have all been following, 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 want to reassure our members the fact that first, and foremost, all Family First Credit Union deposits are secured by the NCUA up to $250,000.00, as well as the fact that even with respect to SVB and Signature Bank, all bank deposits will be available and that all depositors will be made whole.
Family First Credit Union’s balance sheet and member base is diversified and very different than that of SVB that focused mainly on large venture capital companies. Our liquidity position is strong and managed in a safe and sound manner. If you have any questions, please contact Frances Gibelyou at 989.759.1686 ext. 222.