Silicon Valley Bank's sudden collapse and the voluntary liquidation of Silvergate Bank has caused concern in the banking industry as individuals are left with more questions than answers on how such an event could unfold and how financial institutions can be trusted with their deposits. Austin Telco Federal Credit Union wants to take this time to inform our members how your funds remain safe and secure with us and the means we go through to protect them.
Austin Telco has existed for over 81 years, and, as a credit union, our equity position isn't based on the value of stocks. Instead, each of our members holds value within our financial institution, meaning everyone has a voice regarding the offerings and direction of the credit union. We have navigated through multiple recessions over the years and have always come out in a stronger financial position than before, showcasing the trust and security our members have in us. This is why we are able to keep our money market and share certificates among the highest in the area. We also undergo regular financial audits conducted by the NCUA (National Credit Union Administration) charged with regulating all federal credit unions, and we also conduct independent audits to maintain the highest quality of safety and security our members deserve.
In addition to our regular audits, Austin Telco's employees and board/committee volunteers regularly engage in annual required training to guarantee their understanding of regulatory and compliance requirements mandated by the NCUA. The senior management team meets regularly with the Board of Directors and Supervisory Committee to review and understand the credit union's financial condition and assist in making necessary adjustments based on the ever-changing economy. All this ensures we remain financially strong and guarantees Austin Telco is operating to the highest standard.
The combination of the protection through the NCUA with your deposits being insured up to at least $250,000, the ongoing internal and external audits, and regular training and communication for our employees, senior management, and volunteer Board and Supervisory Committee helps keep Austin Telco financially stable for our members over the years.
Austin Telco will remain vigilant to our members who trust us with their finances and continue to operate in a safe, sound, and secure manner. We are here to help you through your financial needs and will remain transparent in how we perform and listen to your feedback when it is given. We cannot thank you enough for your continued support.
For additional information on NCUA's Share Insurance, please visit https://mycreditunion.gov/share-insurance