Financial Industry Update from our President & CEO
Thank you for your trust, confidence and loyal membership. We realize that some of our members may have concerns or questions after recent news reports about the closing of two large banks that are now being overseen by regulators. We want to assure you of the health and safety of Tower, and to provide you with an added level of assurance regarding our capacity to preserve and protect your funds at Tower. For 70 years, Tower has been committed to our members and that will never change. Let us say without equivocation that we are strong, we are solid and we are well-capitalized. We are a solid performer, with excellent credit quality and manage a diverse portfolio. Since 1953, we have met the needs of our members here in Maryland, Virginia, the District of Columbia and wherever our members may reside.
- Tower has served as a beacon of safety, stability and service by investing in the financial well-being of members, while also protecting your trust and funds through the application of strong risk management practices.
- Tower is one of Maryland's largest credit unions, with assets of $4.2 billion.
- Tower is very well-capitalized and far exceeds regulatory guidelines. We are not focused on risky endeavors, like banking venture capital firms or crypto companies. We have always been only focused on providing financial services to our members. Our capital, combined with significant liquidity, serves to protect our members while providing Tower with the capacity to absorb severe shocks in U.S. or global markets.
- As a result of our member-owned structure, Tower maintains some of the most attractive share rates in the nation. This benefit permits us to maintain a highly diversified funding base that serves to insulate from significant challenges like those facing Silicon Valley Bank, as well as Signature Bank of New York.
- Your Tower deposits are federally insured by the National Credit Union Administration— up to $250,000 per individual and $500,000 per joint account.
Take comfort in knowing that Tower is strong, secure and growing for you and your family for generations to come. As a community of members/owners united in service to each other, we will continue to build and secure a strong future for your credit union.
We are here for you and if you have any concerns or questions, please don't hesitate to call your Tower representative. Your confidence is the backbone of our credit union, it is what fuels us and we are honored that you have placed your trust in us.
President & CEO
Tower Federal Credit Union