KYLE MURPHYStaff Writer

Due to the collapse of Silicon Valley Bank last week, Ascend Federal Credit Union (FCU) has issued a statement to its members to ease any concerns and uncertainty.

“The recent events surrounding Silicon Valley Bank and Signature Bank have understandably caused concern and uncertainty among many individuals and businesses,” Ascend FCU officials said. “We want to emphasize that your funds remain safe and secure with Ascend.”

Silicon Valley Bank, once the 16^th largest bank in the United States, collapsed last week after a large number of depositors rushed to withdraw money, also called a bank run, due to concern over the bank’s health. Shortly after Signature Bank was seized by regulators following a similar rush of withdrawals. Both Silicon Valley Bank and Signature Bank’s collapse are now the second and third, respectively, bank failures in U.S. history after the collapse of Washington Mutual in 2008.

The statement made clear that the credit union is not affiliated with either Silicon Valley Bank or Signature Bank, and the events that led to their collapse have no impact on Ascend’s operations or financial stability. Officials went on to say that as a not-for-profit financial institution, Ascend FCU is “committed to maintaining the highest standards of financial integrity and responsibility.” The credit union is federally insured by the National Credit Union Administration (NCUA), which means that deposits are insured to at least $250,000 per individual, which provides an additional layer of protection and peace of mind for members.

Ascend officials finished their statement to members by stating they can trust the credit union with their money and they take that responsibility seriously

“The financial well-being of our members will continue to remain our highest priority. As a pillar of the community for over 72 years and the largest credit union in Middle Tennessee, Ascend has a long history of providing exceptional service and financial stability, and we remain committed to that mission.”

Members who have questions and concerns are encouraged to reach out to Ascend FCU at 1-800-342-3086.