Dear Valued Members:
During the many difficult times we’ve experienced in the past few years, it is even more troubling to hear about the sudden closure of Silicon Valley Bank. This is undoubtedly concerning to you, our member-owners, so I wanted to take a few minutes to reinforce our commitment to providing you with a safe and secure financial relationship at Florida Rural Electric Credit Union.
As a community-based, member-owned, financial cooperative, we pride ourselves in the unique service we offer you and follow the credit union model that ensures we lend member deposits back to our members. That said, our balance sheet is local and primarily comprised of consumer, auto, personal loans and credit cards. Furthermore, our investment portfolio is conservative and considered very safe by industry standards. All our member accounts are insured up to $250,000 by the National Credit Union Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA).
As a result, you can feel confident that Florida Rural Electric Credit Union is financially sound and well-capitalized.
As we move into 2023 and beyond, we will continue to serve the unique needs of our members by providing competitive rates on loans and deposits. We know you have a choice for financial services, and we are grateful that you are banking with your locally-owned credit union. It is our privilege to help you achieve your financial goals.
If you have additional questions or concerns, please call 800-542-1246. Any one of our management team or staff is ready to assist you. Thank you again for your continued support of Florida Rural Electric Credit Union.
Sincerely,
Paula Tuten
President/CEO
Florida Rural Electric Credit Union
