Dear Valued Member,
You are undoubtedly aware of recent events involving Silicon Valley Bank and you may be wondering what this means for Tech CU. We are reaching out to put your mind at ease.
The demise of Silicon Valley Bank was a shock and will be a short-term loss for the innovation culture of our region and beyond. However, it has little in common with us for many reasons.
- As a members-first credit union, we are not subject to short-term pressures to deliver profits to stockholders. We take a long-term view focused on meeting our members’ needs by maintaining a steady and well-balanced operation. We have done this for over 60 years.
- We serve primarily individual members in California and across the United States with a highly diversified offering.
- We’ve long recognized the risks of a volatile economy, and we have gone to great lengths to manage our balance sheet to withstand quickly changing interest rates. That is why we are exceptionally well-capitalized at 11% Net Worth Ratio versus the highest industry classification of “Well-Capitalized” which is 7%.
Just as you manage your personal finances with care and attention to detail, we are managing Tech CU to ensure it is here for you and generations to come. That is our commitment to you, our members.
We hope you will also take comfort knowing that your deposits are federally insured by the National Credit Union Administration (NCUA) to at least $250,000 per member-owner. To learn more, visit NCUA’s Consumer Assistance Center.
As always, we are here for you. Please visit your local branch, or make an appointment with a Virtual Banker if you have further questions.
President & CEO