Your Credit Union’s Strong Financial Position

An important message regarding our Credit Union’s Well-Capitalized Financial Position March 13, 2023

March 13, 2023

Dear Members,

UVA Community Credit Union is proud to be your trusted financial partner. In light of recent news about the failure of Silicon Valley Bank (SVB) and Signature Bank, I would like to take this opportunity to express to our member-owners that UVA Community Credit Union is in a strong financial position.

It is important to note, these financial institutions mentioned above had unique business models that contributed to their failure and catered to a unique customer base. SVB was focused on venture capital clients and startup businesses, while a substantial amount of Signature Bank’s business focused on the cryptocurrency industry.

UVA Community Credit Union is proud of our business model that focuses on improving the financial wellness of our traditional consumer and small business members. You can rest assured that UVA Community Credit Union’s capital ratios are well above regulatory thresholds to be considered a well-capitalized financial institution. We also have a strong balance sheet and maintain ample liquidity position with over $200 million dollars in cash and cash equivalents.

Another contributing factor that ensures your Credit Union’s strong financial position is our portion of insured member shares. Our members are insured by the National Credit Union Administration (NCUA) up to $250,000 or up to $500,000 for joint members. To put this in perspective, SVB and Signature Bank had approximately 90% uninsured deposits. By comparison we have very few members that fall into that category. UVA Community Credit Union is committed to the long term safety and soundness of our operations.

Thank you for being a valued member of UVA Community Credit Union and for your continued business and trust.

Sincerely,

Susan Gruber 
President and CEO