Message Regarding Recent FDIC Bank Closures

03/15/2023

Dear Members,

In light of the recent bank closures by the FDIC, I am writing to assure you that, since 1931, cPort Credit Union has long understood the importance of safeguarding our members' deposits and have established standards to protect you and your accounts, and us as a financial institution.

We are highly capitalized and generate consistent and sound net income, resulting in a strong balance sheet and income statement. Furthermore, our investment portfolio includes only short-duration investments. Thus, we have avoided the impact of the recent rise in interest rates and have substantial liquidity to meet our members' cash needs.

The National Credit Union Administration (NCUA), a US government agency similar to the FDIC, guarantees deposits up to $250,000, providing our members with the financial security they need. For the few members with deposits exceeding that amount (less than 5% of our membership deposits), we have abundant liquidity to protect against unexpected withdrawals from uninsured depositors.

We can help you structure your accounts to maximize deposit insurance coverage. Please also see the NCUA Insurance Calculator.

At cPort Credit Union, we strive to offer you peace of mind regarding your finances. Thank you for entrusting us with your banking needs - we take this responsibility seriously and are committed to providing outstanding service.

If you have questions, please call our Member Care line (1-800-464-0253) and ask for me. I'm happy to talk to you about any concerns you might have.

Sincerely,

Gene Ardito
President & CEO
cPort Credit Union