Member Alert – Recent Bank Closures in California and New York

Shore to Shore wanted to take this opportunity to address the recent news surrounding Silicon Valley Bank (SVB) located in California and Signature Bank located in New York. First, it’s important to understand these shutdowns have nothing in common with the mega bank crisis that happened in 2008. The failures of SBC and Signature appear chiefly the result of financial issues specific to each bank. One other important note about the recent bank closures - in the case of both SVB and Signature; all their bank deposits will be available, and all depositors will be made whole.

Some members have contacted us seeking information and reassurance during this time. Let us take this opportunity to remind you that we have always been a stable financial institution and take a prudent approach in providing safe, reliable financial products and services to our members.

Originally founded in 1953, Shore to Shore remains well capitalized and is positioned to continue to serve our members and our community. We serve a diversified membership, have a diversified portfolio of deposits, and our growth has remained slow and steady over the past years.

Additionally, credit union deposits are secured by the NCUA up to $250,000.00. We are committed to working with our members to assist with your account structure and ensure that your funds are insured. If you have questions about your account, please contact us directly so that we can assist you. 

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