5/1/2023
Dear Member,
As you may have heard, this morning federal regulators took over First Republic Bank in California with the bulk of its operations being taken over by JP Morgan Chase.
While events like this often generate news stories and require action from both regulators and policy makers, the federal government has granted all depositors at First Republic Bank access to the entirety of their funds, as they have with other recent bank failures.
At Marine Credit Union, we focus on personal accounts and loans for individuals and families, mostly out of the upper Midwest. We are, and have been, a well-capitalized credit union with the highest capital rating that can be given.
I understand that news of bank troubles, regardless of who or why, can be unsettling. I want to assure you that your deposits with Marine Credit Union remain safe, insured, and unaffected by this situation. As an NCUA insured institution your deposits are insured by the federal government. Up to $250,000 or more. If you’d like to learn more, here is a link from the NCUA with a share insurance calculator:
https://mycreditunion.gov/insurance-estimator
Your deposits and membership are important to us, and we appreciate your business. More than ever, it’s important that we help you understand the protection of federally insured institutions and how to keep your money safe.
As always, if you have questions or would like to learn more, please feel free to contact us at info@marinecu.com, or 800-923-7280.
Best Regards,
Darrick Weeks
CEO