Dear Member,
I am writing you today to briefly address the recent events surrounding the failures of Silicon Valley Bank (CA) and Signature Bank (NY). By now, most of us have read the headlines and may be asking questions of what exactly this news means to the rest of the financial services industry and what, if any, impact this has to funds on deposit here at Lebanon FCU.
Let me quickly state that your funds at Lebanon Federal Credit Union remain SAFE AND SECURE! Lebanon FCU is very well capitalized and is positioned to survive any economic uncertainty facing our nation. The credit union is federally insured by the NCUA (National Credit Union Administration), and members can be assured their accounts are insured to at least $250,000 and backed by the full faith and credit of the United States Government. Credit union members have never lost a penny of insured savings at a federally insured credit union.
Our Board of Directors and the Management Team at the credit union continue to monitor the market and provide solid risk management and oversight to keep the credit union in a strong financial position.
Silicon Valley Bank was heavily concentrated in startup companies and venture capital firms, while Signature Bank was heavily focused on banking crypto companies. These “unique business models” are NOT representative of most banks and credit unions in the U.S. financial ecosystem. Neither of these issues are risks applicable to Lebanon FCU and do not pose a threat to our financial well-being!
Improving our members’ and community’s financial lives by providing superior financial services that are convenient, affordable, and easy to use is our mission. As a locally based, not-for-profit credit union, we are dedicated to meeting the needs of our members throughout Lebanon County. Our business model prioritizes keeping member deposits safe and secure.
Unlike the above-named banks causing many Americans concern these past few days, we do not pursue growth through unnecessary risk. Rather, we seek prudent, controlled growth to enable the credit union to provide needed products and services today while ensuring the long-term financial viability of the credit union.
If you are looking for a safe place to deposit funds, Lebanon FCU is here to help provide some valuable peace of mind during these uncertain times.
More details about your protection as a credit union member can be found at: mycreditunion.gov
Thanks for your continued membership and trust. We are truly honored to serve the financial needs of our members.
Please call us with any questions or concerns that you may have.
Sincerely,
Daniel Wolford
President / CEO
Lebanon Federal Credit Union