March 13, 2023

Good afternoon ECS Member-Owners,

In light of the news of the recent two mega-bank closures in Silicon Valley and New York, I wanted to assure you that East County Schools Federal Credit Union (ECSFCU) is a financially strong, well-capitalized credit union that has served the education community for nearly 67 years.

As reported in many online articles and news outlets, the failures of these two banks centered on concentration risks pertaining to cryptocurrency (Signature Bank in New York), as well as startup companies and tech firms (Silicon Valley Bank in California). You can rest assured that as a financial institution that serves and supports East County school employees, we are not engaged in such lines of business. We operate your credit union with Safety and Soundness as our guiding principle.

The investments that we make are in you, your homes, your vehicles, and your quality of life. As for our investment portfolio, it consists primarily of high-grade, U S Government securities.

We are deeply rooted in our local education community, and that has been very intentional. We work here, we live here, our children go to school here, and we have built a legacy that you can count on. We are not chasing the corporate dream of huge growth and high profits by serving new industry trends and fads. As your trusted financial services provider, we are helping you chase YOUR dreams.

You may ask how your deposits are insured. Deposits with ECSFCU are insured up to $250,000 per individual depositor by the National Credit Union Administration (NCUA) through National Credit Union Share Insurance Fund (NCUSIF). It is a fact that no one has ever lost a single penny of insured shared deposits, within the credit union system.

If you have any questions or concerns about your accounts, please contact me directly at (619) 873-0108.

Sincerely,

Steve Devan
President & CEO
sdevan@eastcountyschools.org