Dear SkyOne Member,
We have received some inquiries regarding Silicon Valley Bank and their relationship with Silvergate Capital and cryptocurrencies. I want to reassure you that SkyOne has no investments in or relationship with Silicon Valley Bank or any related entities, nor do we have any interests in Silvergate Capital or any cryptocurrencies or exchanges.
As your CEO, I am grateful for the trust you have placed in SkyOne and our employees. We are committed to making the best possible decisions to execute our mission and vision, and we take our responsibility as stewards of your money very seriously.
I want to remind you of the unique benefits of being a member of a credit union like SkyOne:
- SkyOne is owned by you, our nearly 60,000 members. We are not beholden to any investors, the stock market, or major corporate entities.
- We do not invest in or lend to risky startups or speculative ventures.
- We adjusted our lending practices well in advance of current economic conditions.
- Your deposits are backed by the National Credit Union Share Insurance Fund, with the same protection as the FDIC.
- We do not have major corporate deposits, major corporate depositors, or any single specific concentration of deposits. We manage our balance sheet carefully to maximize return to our member-owners while controlling risk.
As a SkyOne employee, I can confidently say that we are an organization that puts our members first. We exist to improve our members’ financial lives and connect you with financial success.
If you have any questions or concerns, please do not hesitate to contact us. You can also use the NCUA insurance estimator to calculate your insurance coverage: https://mycreditunion.gov/insurance-estimator.
Thank you for your continued trust and support.
Sincerely,
Joseph E. Whitaker
President and CEO
12 Comments
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My kind of bank,thanks
Thank you for your kind words.
I am, and always have been, totally comfortable with SkyOne management!
I thank you for your reassuring comments.
Thank you for your feedback. We’re happy and proud to be your strong and stable financial institution.
Thank you for reassuring us that our money is safe with your institution.
We have been members for 50 + years and always trusted that you are “the best” but it’s good to hear from you concerning your financial risk practices.
Thank you,
The Peterson’s
Thank you for 50+ years of being a valued SkyOne member. We’re thrilled to hear from you and appreciate your feedback.
We appreciate your sentiments and will continue to serve you and your financial needs.
Thanks for assurance. That’s why I stayed in skyone when I moved out of state.
Thank you for the update. Makes me feel a lot better.
Thank you for you reassurance.
Please avoid the culture wars.
I’ve been a member of Skyone for 23 years, and I am still confident about this credit union. I appreciate the reassurance that was needed today.