The collapse of Silicon Valley Bank on March 10 is the second largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. On March 12, regulators also shut down Signature Bank.

While this situation does not include any credit union failure, it may still create consumer concerns and questions. We wanted to use this as an opportunity to reassure our credit union members about the safety and soundness of credit union deposits, and remind members of the credit union difference as member-owned financial cooperatives, as well as provide some peace of mind during uncertainty.

Here are some points to help address any questions or concerns our members may have:

• As a credit union member, you are an owner of our not-for-profit financial cooperative. Credit unions’ first priority is your financial success, and we focus on financial security.
• SIU Credit Union is committed to serving our communities. You can be assured that your money is safe and sound at our credit union. We have an experienced team to serve you and answer any questions or concerns.
• Credit union deposits in federally insured credit unions are safe and secure.
• Credit unions offer a safe place for our members to save money. Our deposits are insured up to $250,000 per individual depositor – the same level as any federally insured financial institution.
• Credit union members have never lost a penny of insured savings at a federally insured credit union.
• You can visit gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.

Again, your money is safe and secure at our credit union, and protected up to $250,000 per individual depositor.

Additionally, you can find more information about the credit union difference on the Credit Union National Association’s Advancing Communities website at advancingcommunity.com.