Dear Members,

Some of you may have heard about the recent collapse/failure of Silicon Valley Bank in California and New York-based Signature Bank. We recognize that you may have questions about how this could impact you or TrailNorth.  We have been and continue to be a strong financial institution in our 69th year of serving members.  

Below are a few reasons why:

• TrailNorth has been a "well-capitalized" (the highest regulatory definition) NCUA-insured financial institution since 1954.
• Being NCUA-insured means that your deposit accounts are insured up to $250,000 by the National Credit Union Administration, backed by the full faith and credit of the U.S. government. To learn more about how your funds are insured, click here. 
• Federal credit union members have never lost a penny of insured savings at a federally insured credit union.
• Both failed banks had a limited customer base. Silicon Valley Bank consisted of start-ups with account balances much larger than the insured limits, and New York based-Signature Bank had an extensive Crypto-portfolio, both completely different than TFCU's business model. Today's credit unions have a wide membership base, strengthening our financial position.
• All federal credit unions are regularly examined by financial regulators to ensure proper management and maintain the safety and soundness of members' money within the institution. Additionally, we have annual financial statement opinion audits performed and received high marks in both cases.  You can review more information in our annual meeting reports by clicking here.
• We are local. Why is that important? Our loans and our deposits are located in our community. We don't invest in Silicon Valley start-ups or crypto. We invest in local homes, cars, and businesses.
• Lastly, TrailNorth has practiced safe, secure operations since our founding in 1954, navigating recessions, the inflation of the '70s, and the great recession of the 2000s. We were here then; we are here today and plan to be here tomorrow. 

If you have questions, we will be offering a Q&A on Wednesday, March 15th, at 5 pm. You may attend via zoom or in person at our Ticonderoga Administrative building. Capacity is limited, so we need you to let us know by Wednesday (3/15) at 9 am.  You may register for the Q&A by clicking here.

We thank you for trusting us as your financial partner. We will keep working hard to ensure the credit union's continued strength, relevance, and viability now and long into the future.  

Best Regards,

Shawn M. Hayes
President & CEO
TrailNorth Federal Credit Union