Statement in Response to the Recent Bank Failures
Although the recent failures of a few large banks are unrelated to Transcend Credit Union, we want to assure you that our outstanding financial condition means that your deposits are safe.
Transcend Credit Union employs industry-leading, best practices balance sheet management tactics including: 1) Short-term, high-quality investments to ensure stable, reliable liquidity to fund deposit and loan needs; 2) Ultra-high-quality loans; and 3) Higher capital than most financial institutions.
For additional peace of mind, remember that your shares are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the U.S. Government. Your share insurance coverage is similar to the deposit insurance coverage offered by the Federal Deposit Insurance Corporation (FDIC). Depending on the way you structure your accounts, individual, joint, trust, and beneficiary accounts are eligible for much higher deposit insurance coverages, well above the $250,000 level.
If you have questions, please feel free to contact us at (502) 459-3000.
Sincerely,
Richard Reese
President/CEO
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