The collapse of Silicon Valley Bank last week 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 at credit unions. This is an opportunity to reassure credit union members about the safety and soundness of credit union deposits, remind them of the credit union difference as member-owned financial cooperatives, and provide some peace of mind during uncertainty.
Here are some points to help your credit union team address any questions or concerns you may encounter from members.
Please visit our website at www.midmembers.org, or call 618-254-0605 with any questions. Again, your money is safe and secure at our credit union, and protected up to $250,000 per individual depositor.
In addition to our credit union-specific resources, you can find more information about the credit union difference on the Credit Union National Association’s Advancing Communities website at advancingcommunity.com.
January 2nd - New Year's Day 1st Observed Jan. 2nd
January 16th - Martin Luther King Jr. Day
February 20th - President's Day
May 29th - Memorial Day
June 19 - Juneteenth National Independence Day
July 4th - Independence Day
September 4th - Labor Day
October 9th - Columbus Day
November 11th - Veteran's Day
November 23rd - Thanksgiving Day
December 24th & 25th - Christmas Eve & Christmas Day
December 31st - New Year's Eve