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A Message from Your CEO on the Recent Bank Failures

Your Credit Union is Safe and Secure

We understand the recent news surrounding failures in the banking industry may have you feeling anxious about the security of your funds. We’d like to assure you that your money is safe with us, and that MembersFirst Credit Union is financially strong and secure. There is no similarity between your credit union and the large, speculative banks that were recently conserved by their regulators.

The problems the recently failed banks encountered resulted from a combination of factors including too many very large commercial depositors, excess funds placed in long-term, low-yielding investments that lost value in the current rising rate environment, and a loss of confidence among their very large commercial depositors. MembersFirst Credit Union operates under a different business model.  Your credit union is a not-for-profit, natural-person institution, owned by our members/depositors.  We have very few business accounts and none with large deposits like those at the troubled banks.  The fact is, over 98% of the deposits at your credit union are covered by the federal insurance limits.  Any excess funds above member loan needs are invested in short-term, federally backed, or insured investments that have not lost value with rising rates.

Your credit union is managed conservatively by a volunteer Board of Directors, elected from the membership to ensure that the interests and security of our members are kept clearly in focus.  Capital reserves are high and MembersFirst is rated “well capitalized” by our state and federal regulators.  Delinquency and losses are very low and a fraction of those at our peer credit unions and banks.

I hope this quick note will assure you that you can have complete confidence in the security of your deposits at MembersFirst Credit Union.  If you have any concerns or need clarification on any details, please don’t hesitate to reach out to one of our branch managers or a member of our management team.  We will be more than happy to discuss any concerns you may have.

Thank you for your continued loyalty to your credit union and the confidence you have placed in us.  We appreciate you as a member and want to earn your business every day.


Terry Hardy's Signature

Terry L. Hardy

Additional Resources:

Visit the NCUA consumer website at

Learn more about share insurance or calculate your coverage at  Watch this video to learn how members’ deposits are insured.