By now, you have likely heard the troubling news stemming from the recent failures of regional banks, including Silicon Valley Bank (“SVB”) and Signature Bank. Amidst this time of uncertainty, I want to share some insights about your credit union that will hopefully set your mind at ease and perhaps even deepen the trust we have built with our members over the last 67 years.
As a credit union, Rogue’s structure is different from the banks in question. We do not have to take undue risks to prioritize profits for stakeholders. Instead, we prioritize service, reliability, and value to you, our member-owners. Our membership base is primarily composed of individuals and small businesses that are embedded in our local communities. In fact, approximately 92% of our deposits fall below our deposit insurance threshold. As a member-owner of Rogue Credit Union, you can feel confident in the safety and soundness of your credit union.
Here are a few other key insights:
All of your deposits up to $250,000 are insured by the federal government through the National Credit Union Administration’s (NCUA) Share Insurance Fund, with other expanded insurance options available.
Rogue is well positioned for the future with a diversified asset base, high capital reserves, more than sufficient liquidity, and historically low loan delinquencies, all of which can be reviewed on our annual report or verified through the NCUA website.
Rogue adheres to strong financial risk management principles and is prepared to weather future economic storms, just as we did during the Great Recession and the COVID-19 pandemic.
We have several new products to help protect your deposits and maximize your savings, including our 6-month no-penalty withdrawal certificate with rates as high as 3.71% APY*, and our 14-month certificate with rates as high as 4.85% APY*.
We truly appreciate the trust you have demonstrated in Rogue by choosing to partner with us on your financial journey. You can rest assured that Rogue Credit Union continues to focus on you, our loyal member-owners. We are financially strong and prepared to be here to meet your financial needs today and in the future. Please reach out to us if we can be of any assistance.
Thank you for your loyal membership!
Rogue Credit Union
*Annual Percentage Yield effective as of March 15, 2023.