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As you are likely aware, the failure of Silicon Valley Bank has been making news headlines, which can cause questions of concern among consumers, businesses, regulators, and lawmakers regarding financial institutions in general.
Valley Oak Credit Union remains the safe, sound and secure financial institution since we opened our doors in 1944. The Credit Union is well capitalized at levels above guidelines set by federal regulators, and funds continue to be insured up to $250,000 per individual depositor by National Credit Union Administration (NCUA).
The recent financial news pertains to two U.S. banks where their troubles come from their dependence on startups, tech companies and cryptocurrencies. Valley Oak is not involved with cryptocurrencies and does not have a concentration of deposits or loans in any one industry or sector. The Credit Union's members are local individuals, families, businesses, and others from the local communities we serve.
So our members and the communities we serve can rest assured Valley Oak Credit Union is here to stay today, and for many years to come.
Should you have any questions, please feel free to contact us.
The accuracy of our calculators and their applicability to your circumstances are not guaranteed. You should consult with a qualified professional regarding your particular circumstances.
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