Dort Financial Credit Union “Well Capitalized” According to NCUA Regulations

As you may have read in the news in recent days, there have been bank failures in other parts of the country. We want to assure you that Dort Financial Credit Union continues to be a financially sound institution that is well capitalized and able to provide members with competitive rates, low fees, and the convenient services they need and expect from us.

To share some background, Silicon Valley Bank (SVB) in California was closed by regulators on Friday, March 10, 2023. The bank was chartered over 40 years ago to serve startup technology companies and venture capitalists investing in technology startups.

As technology companies serviced by the bank withdrew deposits to keep their businesses afloat in the current rate environment, venture capitalist firms also using the bank instructed their portfolio companies to move funds from the bank to protect their funds. SVB customers withdrew $42 billion in deposits by the end of the day on Thursday, leaving the bank in a position where they were undercapitalized with insufficient cash on hands to meet customer needs. Regulators then stepped in and took over the bank to ensure the safety of depositor’s accounts.

Dort Financial Credit Union is well capitalized with more than double the net worth required to be considered “well capitalized” under NCUA regulations and has sufficient liquidity to meet the deposit withdrawal needs of our members.

Dort Financial has proudly served our members and our community for over 70 years and looks forward to being a trusted financial partner for our current and future members for years to come.