An Important Message from Our President & CEO, Herb White
As you may be aware, Silicon Valley Bank (SVB) and Signature Bank have experienced financial difficulties that have recently resulted in their closures on Friday, March 10 and Monday, March 13, respectively. This, understandably, has prompted questions about the future of other financial institutions. It should be noted that each financial institution is unique and operates independently of one another. The closure of one bank does not necessarily indicate other institutions are also at risk.
Both SVB and Signature Bank were highly leveraged in high-risk deposits tied to FinTechs and large amounts in cryptocurrencies. These banks had over half of their loans in venture capital and private equity firms with little guarantees. It should be noted that Sharonview does not hold cryptocurrencies on deposit, nor do we have loans with venture capital, private equity, or FinTech providers.
At Sharonview, we take our responsibilities very seriously and have a long-term history of financial stability. Our financial records are regularly audited by external sources to ensure this stability. Additionally, we are regulated and protected by the National Credit Union Administration (NCUA). Our adherence to strict regulations and guidelines further ensures the protection of our financial health and our members’ deposits.
I am confident in Sharonview’s ability to withstand potential challenges and remain committed to providing our members with the best products and services possible.
Sincerely,
Herb White
President & CEO
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