A message from Members First Credit Union
The media has been reporting on several bank closures over the last few days. We wanted to take this opportunity to reinforce that Members First Credit Union, established in 1949, is safe and sound and here to serve the needs of our community.
It is important to let you know that as a credit union, we are very different from those banks. SVB had very large deposits primarily from large technology companies, Venture Capital Funds and startups while Signature Bank was heavily involved in cryptocurrency related companies. Members First Credit Union has no direct exposure to the cryptocurrency industry or any concentrations of deposits or loans to Silicon Valley tech companies.
Our base is right here in New Hampshire, serving the local community, with deposit products and loans for vehicles, personal, small business and real estate.
You can be assured that your money is safe at Members First Credit Union. Deposits in the credit union are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual borrower, 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.
Members First has a strong capital position, significantly higher than regulatory limits to be considered “well capitalized.” with ample liquidity and access to multiple liquidity sources if needed.
We value your membership and it is an honor to serve the over 12,500 members in our local community.