Recent events surrounding Silicon Valley Bank (SVB) may have caused concerns regarding the safety of your funds. At Cobalt Credit Union, we want to assure you that your funds are safe and secure with us. As a federally insured credit union, we are regulated and insured by the National Credit Union Administration (NCUA) and our members' deposits are protected up to $250,000 per depositor, per account ownership category through the National Credit Union Share Insurance Fund (NCUSIF).
We understand that you may have questions about our financial stability, and we are committed to providing clear and concise answers to those questions. Please see below for answers to some frequently asked questions:
- How is Cobalt Credit Union affected by the Silicon Valley Bank (SVB) collapse?
Cobalt Credit Union is not affected by the collapse of SVB. Our exposure to large commercial deposits is much smaller than SVB's, and we have conservative measures in place to ensure the safety of our member deposits. Cobalt is considered "Well Capitalized" by the National Credit Union Administration (NCUA).
- Will Cobalt Credit Union be able to continue to pay out deposits?
Cobalt has more than sufficient liquidity to handle any potential disruptions in the financial system. Our deposits are fully insured by the NCUA up to $250,000, and we have additional credit lines available should they be needed.
- Will Cobalt Credit Union continue to be open for its full advertised schedule?
Yes. Cobalt is committed to providing reliable and consistent service to our members, and we will remain open during our normal business hours.
At Cobalt Credit Union, we take pride in our financial stability and our commitment to providing exceptional service to our members. We take the security of our members' funds seriously and employ a variety of measures to ensure their safety. You can count on us to provide you with the best possible financial services while keeping your funds secure.
Contact us today if you have any questions or concerns. To view your insurance coverage, use the NCUA's Share Insurance Estimator. Thank you for your trust and confidence in Cobalt Credit Union.