As you may be aware, Silicon Valley Bank (SVB) recently closed due to financial difficulties. This has prompted many questions surrounding the future of other financial institutions. Please understand that each financial institution is unique and functions independently of one another. The closure of one financial institution does not indicate that other financial institutions are also at risk.
SVB was a niche bank highly leveraged in high-risk deposits as it provided banking services to nearly half of all U.S. venture capital-backed technology and life science companies. Silver State Schools Credit Union does not have any venture capital or special interest niche market-based deposits, nor does it have any investments in any related business strategies.
Silver State Schools Credit Union (SSSCU) has served Nevada communities for the past 72 years and is focused on serving you in a responsible, integrity-driven, safe and sound manner. Rest assured, our members’ financial well-being always comes first and foremost. SSSCU is not driven by the stock market or venture capital interests, rather we are a member-owned financial cooperative. SSSCU is committed to providing our members with the safest and best products and services. Each and every SSSCU member deposit account is insured up to $500,000, as compared to FDIC and NCUA insurance of $250,000 per customer and member, respectively.
Our Purpose Statement is “To Inspire Trust by Prioritizing PEOPLE
.” SSSCU exists solely to serve you, the individual members and small businesses of Nevada.
Scott A. Arkills
President / CEO
Silver State Schools Credit Union