Recent Bank Collapses – Community Choice Remains Strong!
Financially Sound
Recent news headlines around turmoil in the banking industry, including two large bank failures in California and New York, come at a time when we are all navigating rising interest rates and inflation.
During this time of change, please know that one thing remains certain – your money is safe and secure with Community Choice. We want to assure both our members and potential members that Community Choice is financially sound and well-positioned for future growth.
Many of you remember the most recent financial crisis surrounding bank challenges in 2008 and 2009. In fact, of the fifteen largest US bank failures in history, seven happened in 2008 and 2009. During that time, Community Choice remained financially strong and continued to support our members and our communities.
There are several factors that contributed to the most recent failures, none of which exist at Community Choice. As a financial cooperative, your credit union is owned by you, our members. This is a fundamental difference between credit unions and banks. The collapse of Silicon Valley Bank is a great example of a company focused on maximizing stock prices at the cost of its consumers. At credit unions, there are no stockholders, only our member-owners. This structure allows us to grow at a steady pace without taking undue risk. We do not exist to maximize stockholder profits, rather we exist to maximize value for our members and the communities we serve.
NCUA Deposit Insurance
Community Choice is federally insured by the National Credit Union Administration (NCUA). This means that at the very minimum $250,000 per individual depositor is insured by the National Credit Union Share Insurance Fund. Learn more at mycreditunion.gov.
On Monday, March 13 NCUA Chairman Todd M. Harper stated in a news release, “The credit union system remains well-capitalized and on a solid footing. No one has ever lost a single penny of insured share deposits within the credit union system.”
Our Commitment
We are proud to celebrate our 70th anniversary this year! As a member-owned cooperative, we continue to operate on the principal of members helping members. Decisions are made with you in mind.
Our dedicated employees are focused on members first and take great pride in offering excellent customer service and support. If you have questions while you continue to navigate these unusual times, please don’t hesitate to reach out to us at 515-334-8100.
Thank you for trusting us as your financial partner – we appreciate your membership. Please do not hesitate to tell your friends and family to join your credit union.
Josh Cook
President & CEO
Community Choice Credit Union