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Important Points to Note:

• The collapse of Silicon Valley Bank on Friday is the second-largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the Federal Deposit Insurance Corporation (FDIC) following a 48-hour bank run and capital crisis.

• While this was not a credit union failure, we recognize it may still create consumer concerns in Maine and nationally.

• Credit union deposits in federally insured credit unions are safe and secure, and all Maine credit unions are federally insured.

• Federally insured credit unions offer a safe place for credit union members to save money. These deposits 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.

• Visit for more information about the National Credit Union Share Insurance Fund coverage for consumers.

• Credit union members have never lost a penny of insured savings at a federally insured credit union.

• All Maine credit unions are regularly examined by financial regulators to ensure proper management and maintain the safety and soundness of members’ money within the institution.