Dear Members and Community,

You have likely read about the collapse of Silicon Valley Bank on Friday, March 10, 2023.

The banking industry is all about risk management. Unlike traditional credit unions, Silicon Valley Bank had a mismatched concentration with risky startups and operated differently than traditional banks. They were focused on risky quick-wins versus balancing a stable portfolio of loans and deposits.

Silicon Valley Bank’s failure left shareholders and customers with stress worrying about the money available in their account.

Who You Choose to Bank With… MATTERS!

Credit Unions by nature, do not take on this level of exposure and risk. We live and work in the communities we serve, taking local deposits and making local loans while properly managing our risk so that we can remain safe and sound in any environment. We aren’t pressured to make high profits to benefit bank shareholders.

Heritage is well capitalized and in solid financial position to meet the savings and borrowing needs of our members. As a not-for-profit financial institution regulated by the NCUA, we regularly receive high rankings from regulators for safety and soundness. Our primary focus is on meeting the needs of our members. Because credit unions do not have shareholders, we are able to provide better rates and less fees than traditional banks with shareholders.

Credit unions offer a safe place for members to save money. Deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor – the same as any other federally insured financial institution. That means backing by the full faith and credit of the U.S. government.

Credit union members have never lost a penny of insured savings at a federally insured credit union. If you are concerned about the amount of insurance you have, please visit, www.mycreditunion.gov/insurance-estimator. If you would like to speak with someone at Heritage about how to optimize account insurance for balances over $250,000, please contact us at (812) 253-6928 or heritagefederal.org/about-us/contact-us.

At Heritage, our mission is to Improve lives; Simplify banking. For more information about how Heritage can support your financial security, including scams or fraud, please visit https://www.heritagefederal.org/home/talking-cents.