Silicon Valley Bank, Silvergate Bank and Signature Bank Failures
If you have followed the news regarding the recent failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank, you may have questions about what this could mean for Air Academy Credit Union and if it will have any impact on your credit union's operations. For more information, CLICK HERE.
bankfailures
Silicon Valley Bank, Silvergate Bank, and Signature Bank Failures
March 13, 2023
If you have followed the news regarding the recent failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank, you may have questions about what this could mean for Air Academy Credit Union (AACU) and if it will have any impact on your credit union’s operations. Please be assured, AACU continues to be well-positioned and is ready to support our members in these volatile times.
Below are a few points to help address any potential concerns, and reassure you your credit union remains safe and sound:
- AACU has no exposure to any failed bank or any cryptocurrencies.
- AACU continues to be considered well-capitalized by our regulator, the National Credit Union Administration (NCUA).
- AACU has an adequate and stable cash position, with access to several lines of credit should additional cash become necessary.
- The largest investment on the credit union’s balance sheet is loans to AACU members. Over 98 cents of every dollar our members hold on deposit with us is loaned to other members in the form of personal, auto, and mortgage loans.
In addition to actions already taken to ensure AACU remains a safe and sound credit union, each of our members has at least $250,000 in total deposit insurance coverage through the Share Insurance Fund administered by the NCUA. The Share Insurance Fund has the backing of the full faith and credit of the United States. Credit union members have never lost even a penny of insured savings at a federally insured credit union.