Message from the President & CEO
Statement regarding Silicon Valley Bank and Signature Bank Closures
March 13, 2023
Southland Credit Union Members,
The recent closure of Silicon Valley Bank and Signature Bank is concerning for many, and some of you may have questions about what impact this news has on credit unions and your deposits at Southland.
The Silicon Valley Bank closure and others like it pose no risk to your deposits at Southland Credit Union. Southland is a not-for-profit, Member-owned financial institution with a focus on serving our Members’ personal financial needs, not the needs of investors. Credit unions follow a different path than that taken by other financial institutions. We don’t maximize revenues to benefit a few stockholders. We exist to enrich our Members’ lives and promote their financial well-being.
Southland is independently audited and financially strong. With a net worth ratio of 9.09%, Southland is well above the threshold of 7% to be considered very well capitalized by the National Credit Union Administration.
Southland Credit Union’s Membership of more than 60,000 Members is comprised primarily of individuals, not corporations. Our deposits are diverse like our Members – Southland serves a wide variety of people across several Southern California communities. Our charter is community-based, which means our Membership is not focused on any single industry or affiliation.
Southland is federally insured and deposits are protected by the National Credit Union Share Insurance Fund, a separate fund not associated with the Federal Deposit Insurance Corporation for banks. Your credit union deposits are insured for up to $250,000 per individual depositor. In fact, more than 95% of Southland’s deposit accounts are insured, and Member deposit holders have never lost a single penny since the credit union was established in 1936.
Southland Credit Union is dedicated to providing exceptional, comprehensive, and innovative financial solutions, delivered with uniquely personal service. We are committed to promoting greater financial wellbeing for you, our Members, and our communities.
We thank you for your Membership and the trust you have placed in us to serve you and your family.
President & CEO
Southland Credit Union