Recent news reports relating to Silicon Valley Bank and Signature Bank closures have caused concern about the financial industry. I want to take this opportunity to state REV is well-capitalized with more than 13% capital, nearly double the regulatory minimum. We are a well-performing resilient financial institution focused on the financial well-being of our members.
REV’s Growth with Purpose mission is motivated by taking care of our members and the community. Our priority always has been the financial success and security of the membership. We stand with our members and our communities by taking a prudent approach to decisions, avoiding unwarranted risk at the expense of the trust you have put in us since 1955.
In the highly unlikely event that financial volatility will affect REV, deposits made into your accounts are insured up to $500,000 per member and ownership category. This tremendous level of protection is attained through a combination of federal insurance provided by the National Credit Union Association (NCUA), and REV’s affiliation with the Excess Share Insurance Corporation (ESI). ESI provides members up to an additional $250,000 in coverage, in addition to the standard $250,000 from NCUA.
You’ve heard me say this before: REV is nothing without its members. Together, we will remain the sustainable and financially resilient organization we have always been because together, we are REV.