Dear KeyPoint Member,
The recent closure of Silicon Valley Bank (SVB) last week, and now Signature Bank (SB) this week by their respective state and federal regulating authorities, have caused uncertainty in the financial markets. I wanted to take this opportunity to reiterate the safety and soundness of KeyPoint, your credit union:
- KeyPoint Credit Union is financially sound; our capital exceeds the National Credit Union Administration (NCUA) threshold for “well-capitalized”.
- Credit unions are not-for-profit financial cooperatives owned by their members to serve those members’ interests, offering traditional financial products and services to local consumers and small businesses in their communities. We are not subject to big-profit pressures from investors/stockowners, unlike many banks.
- Credit unions are among the most stable, well-capitalized financial institutions, maintaining equity reserves and liquid investments that prioritize safety and soundness for their members.
- Credit union deposits are federally insured by the NCUA.
KeyPoint has proudly served our members for about 45 years, and we honor the trust you have placed in your credit union. We take that trust very seriously and make every effort to operate with conservative policies to ensure we are here to serve you for another 45 years.
We are here to help members thrive financially throughout all stages of life. If you have any questions, please feel free to email me directly at [email protected]. I welcome your questions and thoughts.
T. Bradford Canfield
KeyPoint Credit Union