Dear SkyOne Member,
I wanted to take a moment to address the recent news regarding the seizure of First Republic Bank by the FDIC and the subsequent sale of its assets to JP Morgan Chase. While this news may have caused concern among traditional bank customers, it is important to remember that credit unions like SkyOne are fundamentally different.
As a credit union, SkyOne is member-owned, not-for-profit, and is not beholden to shareholders. Unlike traditional banks, which operate to maximize shareholder profits, we exist solely to serve the needs of our members. This fundamental difference means that we prioritize your financial well-being above all else.
We take great pride in being a sound financial institution that is owned and governed by our members. Our recently published 2022 Annual Report demonstrates our strong financial standing and continued growth. As we continue to provide exceptional financial services and personalized attention to our members, we thank you for your continued trust and support.
If you have any questions or concerns, please do not hesitate to contact us.
Sincerely,
Joseph E. Whitaker
President and CEO
