At OFCU, Your Money is Safe and Secure

 

A Note From OFCU’s President Chris Byous

 

 

 

 

 

 

 

 

 

 

   Dear Valued Member,

In light of the recent news regarding Silicon Valley Bank in California and Signature Bank in New York, we want to reassure you that Omaha Federal Credit Union (OFCU) is financially strong and well-capitalized. Your deposits in the Credit Union are safe and federally insured by the National Credit Union Administration (NCUA) up to at least $250,000 per individual depositor. Credit Union members have never lost a penny of insured savings at a federally insured Credit Union. 

As an OFCU member, you are an owner of our not-for-profit financial cooperative. OFCU prioritizes the financial security and success of our member owners. OFCU was chartered 88 years ago, and we remain committed to serving our community. You can be assured that your money is safe and sound at your Credit Union. We have an experienced team to serve you and answer any questions or concerns that you may have.

National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger sent a message to member Credit Unions providing additional insights into the situation and the safety of Credit Union deposits.

Berger highlighted that:

  • the banks’ failings are a result of “their poor management of assets and liabilities – not a systemic failure” like the 2008 financial crisis;
  • SVB and Signature Bank’s banking models are not representative of the U.S. financial ecosystem, as their businesses were heavily concentrated in startup companies, venture capital firms, and crypto companies;
  • over 90 percent of Credit Union deposits are insured by the federal government, compared to only 50 percent of banks’ deposits; and
  • federal regulators took swift action to meet the needs of the depositors and protect taxpayers from shouldering the cost of the failures.

You can visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers. Please call or text 402.399.9001 (option 3) with any questions.

Thank you for your continued trust in your Credit Union.

Sincerely,

Ms. Chris Byous

President, OFCU