A Message to Our Members
Over the weekend, it was reported that California-based Silicon Valley Bank and New York-based Signature Bank were put into receivership by regulators. While these two failures were based solely on the institutions’ mistakes and not reflective of a systemic economic failure, we understand your concerns.
Service First remains well-capitalized and well-positioned to continue to serve our membership and communities. The credit union system is safe and sound. Service First is federally chartered by the National Credit Union Administration (NCUA) and credit union deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per depositor – the same as any other federally insured financial institution. Credit union members have never lost a penny of insured savings at a federally insured credit union.
As a member of Service First FCU, you can always contact our experienced team with any questions or concerns you may have. You can also view more resources at mycreditunion.gov where there is a section dedicated to information about share insurance including an estimator and answers to frequently asked questions.
Service First has been serving our community for over 89 years, and we look forward to serving you and our communities for many more years to come.