Date: March 14, 2023
Insight on Recent Silicon Valley Bank (SVB) Closure
In light of recent news, we wanted to provide insight and assurance on the strength and stability of the credit union. On Thursday, March 9, Silicon Valley Bank (SVB) experienced run on deposits with $42 billion withdrawn on 90% of their uninsured deposits. SVB was unable to meet the requirements set forth by the Federal Reserve, which lead to the Bank’s closure on Friday, March 10, leaving uncertainty with customers regarding their deposits.
First Service is here to assure you that the foundation of our credit union is sound and secure for all your financial needs. First Service is the fifth largest credit union in the Houston area with an asset size of $1.3 billion. Less than 9% of shares in the credit union are uninsured. All deposits are federally insured to at least $250,000 through the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States. IRAs and accounts held in joint ownership may qualify for even greater insurance coverage. To learn more about the NCUA and the processes they take to ensure our financial safety, please refer to this press release from NCUA Chairman, Todd M. Harper.
You can learn more about how credit unions are insured with these resources from the NCUA:
- MyCreditUnion.gov: Federal Share Insurance
- MyCreditUnion.gov: Share Insurance Coverage Overview (English)
- MyCreditUnion.gov: Share Insurance Coverage Overview (Spanish)
We understand the importance of a healthy financial life. That’s why we’ve served the greater Houston area for over 40 years based on a mission to help people reach their financial goals. Today we’re more than 94,000 members strong and continuously growing. We’ve held true to our mission of always placing our members first.
We appreciate you trusting us with your financial wellbeing and look forward to many years of financial success.