You have likely heard of the recent events impacting Silicon Valley Bank, a commercial bank based in Santa Clara, California. The bank’s failure has dominated the news and has raised questions for many Americans about the security of their own money and their own financial institutions.
As a member of Utah First, you can rest assured knowing that your deposits are safe and that that they will not be impacted by these events. With a focus on members—and not on profits—we avoid high risk investments and engage only in the most prudent banking practices to maximize the security of member funds and the long-term safety of our institution. Additionally, your deposits are protected by the U.S. Government. The National Credit Union Administration (NCUA) insures you for at least $250,000, giving you an additional layer of protection.
Our member-owned institution continues to be a great place to save money as you work toward a successful financial future. In fact, our savings, money market, and term deposit accounts continue to offer above-market returns, paired with unmatched access to your account information and to our financial experts.
Because your money and your peace of mind matter greatly to us, we want to offer the strongest possible assurance of our continued strength during these interesting times.
Darin B. Moody
President & CEO
Read our recent blog post to learn more about how we’re protecting your funds.
Learn more about NCUA deposit coverage here.