In light of recent industry events related to closures of Silicon Valley Bank and Signature Bank as well as market volatility, I want to take a moment to assure you that Teachers Federal Credit Union has a strong liquidity position and is committed to serving the needs of existing and new members – today and well into the future.
As a member-owned financial institution and one of the largest credit unions in the United States, Teachers has been proudly serving members for over 70 years. Throughout this history, Teachers has provided competitive rates on deposits and loans, lower fees, as well as guidance to help our members meet their financial goals.
Teachers is well capitalized, and our financial strength and stability are demonstrated by our 2022 year-end net worth ratio of 10.12% (a well capitalized credit union is one with a net worth ratio of greater than 7%). With the privilege of serving more than 440,000 members across the United States, Teachers Federal Credit Union’s balance sheet is well diversified, and we have ample liquidity to weather any storm. Our deposits are insured up to $250,000 per depositor and higher insurance levels are available to certain types of accounts such as joint accounts and trusts.
We have been a safe haven for our members' deposits for over 70 years and we remain committed to serving the needs of our members while maintaining safe and sound operations. Thank you for your continued loyalty. We appreciate the opportunity to serve you.
Brad C. Calhoun
President & CEO