Dear Valued Member,
We are aware of the recent collapses of Silicon Valley Bank of California and Signature Bank of New York and are monitoring both closely.
In light of this news, we want to assure you that your money is safe and secure with Skyla Credit Union. How?
- We are member-owned. We're a credit union - not a bank - meaning we are a not-for-profit organization built to serve and benefit our member-owners. Our broad and diverse membership includes both individuals and businesses, ensuring we are not overly exposed to the risks of any particular industry or singular event.
- We do not cater to one industry. Both Silicon Valley Bank and Signature Bank concentrated on specialty sectors in the tech and cryptocurrency industries and, in doing so, faced the pressures of catering to such volatile markets.
- Your deposits are insured. Skyla insures your deposits up to $250,000 through the National Credit Union Administration (NCUA)! In some cases, additional coverage is available—please contact a Member Service Advisor to find out more and how to best structure your accounts for maximum insurance coverage.
- We're financially strong. Skyla has always maintained a healthy capital that is well above what is mandated by our regulators. This capital has accumulated over the years with consistently positive earnings.
If you have any additional questions surrounding the recent news, please don't hesitate to reach out.
