Safe and sound for nearly 70 years

Safe and sound for nearly 70 years!

National headlines about bank failures across the United States have made some consumers question whether their money is safe and sound.

Compared to the failed banks, what makes 7 17 Credit Union different?
 

• Silicon Valley Bank (SVB), Signature Bank, and other banks recently in the news were tied strongly to tech startups, cryptocurrency, and venture capitalists and were also newer institutions that grew fast. At 7 17, our financial strength is built on a diverse membership. We serve many communities, hard-working families, and locally-owned businesses.
• Unlike the failing banks which were undercapitalized, 7 17 is very well-capitalized. Regulators define a credit union with a Net Worth Ratio of 7% as well capitalized. 7 17’s Net Worth Ratio in comparison is nearly double that at 13.6%.
• 90% of deposits at these failed banks exceeded the FDIC federal insurance limit, while only 4.5% of deposits at 7 17 Credit Union exceed the federal insurance limit insured by the National Credit Union Administration (NCUA).
• 7 17 has a 5-Star rating for safety and soundness from Bauer Financial and has been rated among the top 100 performing credit unions in the country for the past two years by S&P Global Market Intelligence.
• As a credit union owned by our account holders, we don’t take unnecessary risks. We are beholden to our members, not stockholders.

7 17 Credit Union continues to embrace its core principles that have served its members well for decades – from an unwavering commitment to members, integrity, member satisfaction, and responsible and deliberate growth. 7 17 is safe, sound, proud and ready to serve you.

Did you know?

If you live in Trumbull, Mahoning, Columbiana, Portage, Summit, or Stark counties, you can open accounts with 7 17 Credit Union. Contact us today, stop by any branch or open an account online.