Dear Valued Members of San Francisco Federal Credit Union,
The recent news of the FDIC taking control of Silicon Valley Bank, and other financial institutions facing significant financial and market challenges, may have caused concern or questions about the safety of your deposits here at the Credit Union.
I want to make it clear that the nature of these recent events does not impact the security of your accounts with San Francisco Federal Credit Union. Our focus is on providing our members with outstanding member service, along with competitive pricing on deposits and loans. The Credit Union has a sound financial foundation, solid net worth, and has demonstrated strong financial stability.
As a member-owned and federally insured credit union, we operate under a very different financial model than banks like Silicon Valley Bank. These banks are considered commercial lenders providing high-risk loans to start-ups that were established based on venture capital funds. Furthermore, the Credit Union does not provide financing for organizations dealing in crypto-currency speculation markets and does not participate in these types of transactions.
We value the importance of your trust and confidence in us, and we take our responsibility as your financial partner seriously. We are committed to managing our resources responsibly and prudently to ensure the safety, soundness, and future security of our Credit Union. Moreover, we are committed to maintaining the safety and security of your deposits. We have been serving our members since 1954 and will continue to provide you with the highest level of member service.
Your San Francisco Federal Credit Union is insured by the National Credit Union Administration (NCUA), which provides deposit insurance for up to $250,000 per account holder. Please note that accounts may be insured for a higher limit, based on how they are structured.
If you have any questions or concerns, please do not hesitate to visit one of our branches or call our Member Service Center at 415.775.5377.
Sincere regards,
Jonathan Oliver
President and CEO