Credit Union Deposits are Safe

The collapse of Silicon Valley Bank last week is the second largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. On March 12, regulators also shut down Signature Bank.

While this situation does not include any credit union failure, it may still create consumer concerns for our members. You can feel confident about the safety and soundness of credit union deposits. Through our credit union difference as a member-owned financial cooperatives, we can provide some peace of mind during these uncertain times.

Here are some points to help you better understand our difference:

• As a MemberSource Credit Union member, you are an owner of our not-for-profit financial cooperative. As a credit union, our first priority is your financial success, and we focus on financial security.
• MemberSource Credit Union is a $216 million well-capitalized credit union serving its members over the past 65 years, and we are committed to serving our community. You can be assured that your money is safe and sound at our credit union. We have an experienced team to serve you and answer any questions or concerns.
• MemberSource Credit Union does not hold commercial deposits or make commercial loans. We hold a diversified loan portfolio of high grade consumer loans. Our investment portfolio is made up of short-term high quality investments.
• Your deposits are federally insured by the National Credit Union Share Insurance Fund up to at least $250,000 per individual depositor - the same as any other federally insured financial institution.
• Further, MemberSource Credit Union provides added insurance coverage up to an additional $250,000 per individual depositor through Excess Share Insurance, providing members with up to $500,000 in deposit insurance.
• Credit union members have never lost a penny of insured savings at a federally insured credit union.
• You can visit mycreditunion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.

Please visit us at membersourcecu.org or call 713.627.4000 with any questions. Again, your money is safe and secure at our credit union, and protected up to $500,000 per individual depositor.

MemberSource Credit Union

10100 Richmond Avenue

Houston TX 77042