As most of us have heard over the past few days, the banking industry has been jarred by the collapse of Silicon Valley Bank (SVB) and Signature Bank. These collapses were preceded by triggering events involving selling investments at a loss to fund the cash withdrawals of its customers, who were largely startups and other tech-centric companies.
Our commitment to you
Given the developments with the SVB and Signature Bank failures, we want to take a moment to reassure our members that your Credit Union is financially sound and your Credit Union deposit accounts are safe.
How Civic FCU is different
Civic Federal Credit Union is an institution engaged in financial activities of a much lower risk than SVB and Signature Bank. To further mitigate our risk, we don’t invest in, or do business using, cryptocurrencies. We use tools, processes and procedures to manage risks and ensure the safety and soundness of your Credit Union.
As a federal Credit Union, your Credit Union deposit accounts are federally insured up to $250,000 by NCUA.
We are your partner in your financial success. We will work hard to protect your financial lives.