Dear SkyOne Member,
We have received some inquiries regarding Silicon Valley Bank and their relationship with Silvergate Capital and cryptocurrencies. I want to reassure you that SkyOne has no investments in or relationship with Silicon Valley Bank or any related entities, nor do we have any interests in Silvergate Capital or any cryptocurrencies or exchanges.
As your CEO, I am grateful for the trust you have placed in SkyOne and our employees. We are committed to making the best possible decisions to execute our mission and vision, and we take our responsibility as stewards of your money very seriously.
I want to remind you of the unique benefits of being a member of a credit union like SkyOne:
- SkyOne is owned by you, our nearly 60,000 members. We are not beholden to any investors, the stock market, or major corporate entities.
- We do not invest in or lend to risky startups or speculative ventures.
- We adjusted our lending practices well in advance of current economic conditions.
- Your deposits are backed by the National Credit Union Share Insurance Fund, with the same protection as the FDIC.
- We do not have major corporate deposits, major corporate depositors, or any single specific concentration of deposits. We manage our balance sheet carefully to maximize return to our member-owners while controlling risk.
As a SkyOne employee, I can confidently say that we are an organization that puts our members first. We exist to improve our members’ financial lives and connect you with financial success.
If you have any questions or concerns, please do not hesitate to contact us. You can also use the NCUA insurance estimator to calculate your insurance coverage: https://mycreditunion.gov/insurance-estimator.
Thank you for your continued trust and support.
Joseph E. Whitaker
President and CEO