By March 13, 2023 Community
Recently, the FDIC closed two banks and took over control due to concerns about risky investments and the banks’ abilities to remain solvent. The seemingly sudden closures echo the events of 2008, causing people to wonder if their financial institution is next.
Verity Credit Union members can rest assured that their funds are secure, as state auditors recently finished their annual review and deemed the credit union financially safe and sound.
Similar to the FDIC, the NCUA insures deposits at credit unions through the National Credit Union Share Insurance Fund, protecting up to $250,000 per individual depositor. For more information, please visit mycreditunion.gov/share-insurance.
But beyond being insured, credit unions are governed in a way that ensures members’ best interests are at the forefront of decisions. As a not-for-profit financial cooperative, Verity is owned by its members, meaning that the board of directors is accountable to the membership, not stockholders. In addition, Verity’s portfolio, like many credit unions, is diverse and not dependent on a sole industry.
Verity is here to partner with our members and our communities, co-creating solutions so that everyone has the opportunity to thrive. We live in the communities we serve, using local deposits to provide loans to neighbors and small businesses so that they can build success for generations to come.
If you have questions about Verity’s finances, please contact us. We also invite members to join us for the 90th Annual Meeting on Wednesday, April 12, and hear about the state of the credit union directly from board members and the executive team.