April 1, 2023
Safety and Soundness
On Friday, Silicon Valley Bank (SVB) was taken over by FDIC regulators and over the weekend, took over Signature Bank of New York. This does not pose any risk to FirstLight members and taxpayer money will not be provided to these banks.
As a reminder, FirstLight deposits are insured up to $250,000 by the National Credit Union Administration, a U.S. Government Agency. Outside of an internal audit team, FirstLight also has an independent audit company annually to review its operations as well as federal examiners from the NCUA to ensure safety and soundness. We too have an independent Supervisory Committee and a volunteer Board of Directors to ensure proper oversight and governance. Our continued commitment is to financial safety and soundness, and we remain strong.
Moreover, FirstLight has been proactive building its capital reserves to protect against future potential losses. Currently, FirstLight exceeds the minimum federal requirement of seven percent—boasting a net worth of 9.80 percent.
You can trust FirstLight will continue to operate with you, the member, in mind—a working mantra will have been living since 1955.
Here are a few websites for additional information on the National Credit Union Insurance Fund administered by NCUA: