Rest assured that your funds are safe and North Coast is strong. Click here to read a message from our President.
Your Funds Are Safe at North Coast
You may have heard about the recent failure of Silicon Valley Bank and Signature Bank and the related disruption in the market. I want to ensure you that your funds are safe and North Coast is strong.
Silicon Valley Bank had a large customer base of tech companies and startups and Signature Bank invested significantly in cryptocurrency. Our Credit Union does not participate in risky actions like those. At North Coast we provide loans for local companies and we don’t invest too heavily in any one area. For example, we balance our loan portfolio by investing 1/3 in real estate, 1/3 in consumer loans and 1/3 in commercial loans.
One of the many advantages of being a part of a local credit union like North Coast, is that we know our members and have very low delinquencies. In general, our members pay back their loans fully and on-time.
The bottom line is your funds are safe here and are protected under our insurance with the NCUA.
If you have questions or concerns, please don’t hesitate to reach out.
Thanks for being a Member.