“Solidarity Community Federal Credit Union has always and will continue to offer a safe place for members to save money.” – Amy Benner, CEO. Many followed the news over the weekend that two banks, one in California and one in New York, had been closed by Federal Regulators. Silicon Valley Bank (SVB) was closed due to a lack of liquidity. They were a key player in the tech and venture capital world. Also closed was Signature Bank. They provided banking services to real estate companies, law firms, and cryptocurrency companies. According to Benner, “Deposits at Solidarity, and other federally insured credit unions, are protected by the National Credit Union Share Insurance Fund and are insured up to at least $250,000. Solidarity goes beyond and offers an extra $250,000 of share insurance through Excess Share Insurance, a federally insured company.” Benner also mentioned, “Solidarity Community Federal Credit Union members have never lost a penny of insured savings, and we have a history of providing safe and stable policies to keep members protected.” Solidarity participates with an annual audit, and consistently receives high rankings from Federal Regulators for safety and risk management. Members are also invited to attend the annual meeting where the Solidarity Board of Directors presents the annual financial report. This year’s annual meeting is on Wednesday, April 12th at 5:30 PM at the main office at 201 Southway Boulevard E, Kokomo. “A credit union is different than a bank. We have no stockholders; we only have members. As a member-owned financial institution, we provide members with safe, convenient, and up-to-date ways to save and obtain loans at reasonable rates. Our all-volunteer Board of Directors is elected by and upholds the financial values of Solidarity’s membership”, said Benner. Solidarity members and the public should also be aware that scammers have already begun trying to alarm consumers. The scammers are communicating that a bank or credit union is under Federal Bureau of Investigation (FBI) review and the person needs to take out their cash from their bank or credit union or risk losing it. If you receive this call, please hang up, and call 765-453-4020 extension 1338 or stop by either Solidarity location. About Solidarity Community Federal Credit Union Solidarity Community Federal Credit Union has 2 locations in Kokomo to serve Howard, Tipton, Clinton, Miami, Cass, Carroll, and White Counties. Solidarity offers financial services, including checking, savings, mortgages, personal loans and more. Since its founding by Delco Electronics employees in 1954, Solidarity has been invested in the communities it serves. Learn more at SOLFCU.org.
Leave a reply