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Silicon Valley Bank Collapse

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Posted On: March 13, 2023 by San Luis Valley Federal Bank in: New

Silicon Valley Bank collapse and understanding FDIC deposit insurance.   On March 10, 2023, the FDIC took control of deposits held at Silicon Valley Bank in Santa Clara, California, amid a series of unique circumstances that led to its collapse. Silicon Valley Bank is the first FDIC–insured institution to fail this year. The last FDIC–insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020. We recognize that our members may have concerns about the security of their deposits and want to offer timely context and essential information.  Banking experts, regulators, and state/federal agencies continue to emphasize the unique circumstances facing Silicon Valley Bank. The industry has become substantially more resilient over the last 10 to 15 years due in large part to several regulations aimed at protecting consumers and small businesses. In short, regulators require stronger and more conservative capital and risk profiles. As
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San Luis Valley Federal Bank Logo

Silicon Valley Bank Collapse

Posted On: March 13, 2023 by San Luis Valley Federal Bank in: New

Silicon Valley Bank collapse and understanding FDIC deposit insurance.

 

On March 10, 2023, the FDIC took control of deposits held at Silicon Valley Bank in Santa Clara, California, amid a series of unique circumstances that led to...

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Tags: Banking Industry News, FDIC, FDIC Insured, Silicon Valley Bank Collapse

Emergency Savings

Emergency Savings

Posted On: March 1, 2023 by San Luis Valley Federal Bank in: Financial Education

How to Save for an Emergency, during an Emergency

Sticking to a routine savings plan has never been easy. It’s even more difficult when something unexpected happens, like an accident or a natural disaster. Many consumers use credit cards or...

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Tags: Emergency Savings, Financial Education

Financial Health

Financial Health

Posted On: January 20, 2023 by San Luis Valley Federal Bank in: Financial Education

Set Your Calendar Every Year for Good Financial Health

Your credit report is your most important financial document. It’s what’s used by lenders to determine if you’re eligible for a loan, and it may also be checked when you apply...

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Tags: Credit Report, Credit Score, Financial Health, Financial Literacy

Credit Report Opt Out

Credit Report Opt Out

Posted On: November 8, 2022 by San Luis Valley Federal Bank in: Financial Education

How to Opt Out of Marketing Triggered by Credit Inquiries

We recently learned that some members receive many marketing solicitations after pulling their credit report. The four major credit bureaus, Equifax, Experian, Innovis, and Transunion,...

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Tags: Credit Report

Pay Yourself Scam

Pay Yourself Scam

Posted On: September 7, 2022 by San Luis Valley Federal Bank in: Financial Education

Send Yourself Money? That's a Big Red Flag

Scammers are always creating new ways to steal your money. One of the recent scams utilizing peer-to-peer payment services is what's known as the "Pay Yourself Scam."

The gist of the scam...

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Tags: Financial Education, Scams, Zelle

6 Common Scams

6 Common Scams

Posted On: August 17, 2022 by San Luis Valley Federal Bank in: Financial Education

Most of the time, poorly formed scams are easy to spot. However, there could be times when you second guess your intuition and follow through with the scammer's requests, which ends in a disaster. Never assume a scam won't happen...

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Tags: Scams

Alamosa July 4th Fireworks Canceled

Alamosa July 4th Fireworks Canceled

Posted On: June 10, 2022 by San Luis Valley Federal Bank in: Events

The Alamosa July 4 fireworks display has been canceled this year due to ongoing drought conditions and concern over the risk of community fires such as the recent one in Monte Vista. Since 1997 the fireworks display has been an ongoing partnership...

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Tags: 2022, Event, Fireworks

2022 Red Nose Day

2022 Red Nose Day

Posted On: May 27, 2022 by San Luis Valley Federal Bank in: Events

Red Nose Day 2022

SLVFB is excited to participate in Red Nose day 2022! Let us know which joke is your favorite! If you're not familiar with red nose day, it's a fantastic cause to help raise money for children living in poverty. The money...

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Tags: Red Nose Day

Refinance Mortgage

Refinance Mortgage

Posted On: May 26, 2022 by San Luis Valley Federal Bank in: Financial Education

Should I Refinance My Mortgage?

Your financial situation, and economic conditions, can change a lot in 15 or 30 years. Your monthly budget may get squeezed due to other major expenses, or you may be able to pay your home loan off more quickly, thanks...

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Tags: Mortgage, Refinance

Scams

Scams

Posted On: April 4, 2022 by San Luis Valley Federal Bank in: Financial Education

Scams are on the rise, and you need to be aware to protect yourself from fraud. Scammers will use unusual social events to trick you into giving away your hard-earned money.

Look for unusual behavior from the scammers. Is your friend really...

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Tags: Scams