Silicon Valley Bank

QUESTIONS ABOUT THE SILICON VALLEY BANK FAILURE?

On Friday, March 10, 2023, Federal regulations shut down Silicon Valley Bank (SVB) due to its lack of liquidity. SVB had a structure very different than traditional financial institutions, as it was a key player in the tech and venture capital community. Closely connected with SVB, regulators also closed Signature Bank, on Sunday, March 12, 2023. Signature Bank provided banking services to real estate companies, law firms and cryptocurrency companies. All depositors of both institutions will have access to and receive their full deposits and losses will not be borne by taxpayers, according to regulators.

Firefighters Credit Union members should know that your Credit Union is a safe place to save money. Firefighters Credit union has sound financial policies and receives high rankings from regulators for safety and soundness practices and management of risk. Members Deposits at Firefighters Credit Union are protected. We partner with American Share Insurance (ASI). They are the nation’s largest provider of private insurance. Members accounts are insured up to $250,000.00, regardless of how many accounts one member holds. For example, you may have a savings, checking, and certificate of deposit with the Credit Union, and each would be insured up to $250,000.00. No Credit Union member has ever lost money in an ASI-insured account.              

Firefighters Credit Union is well capitalized and in solid financial position to meet the saving and borrowing needs of its members.

Members should also be aware that scams have already been reported, trying to alarm consumers. In this Sophisticated scam the scammers are communicating that a bank or credit is under Federal Bureau of Investigation (FBI) review and the person needs to take out their cash from their bank/credit union or risk losing it. Be aware of any suspicious calls or emails.