A Letter From Our CEO: Logix is Exceptionally Strong and Well-Capitalized

Dear Valued Members,

Given recent events in the banking industry, including the sudden shuttering of Silvergate Bank and the FDIC’s takeover of Silicon Valley, Signature, and now First Republic Bank, I saw an opportunity to reach out about your relationship with Logix. At times like this, it’s nice to be reminded of the security of your deposits and our long-standing commitment to your financial health. Times like this can also be eye-opening; we’ve experienced an increase in calls from individuals who are moving funds to Logix over concerns with their bank's safety. Besides competitive rates and trustworthy service, it would be hard to find a safer home for your deposits – particularly those exceeding $250,000.

• Excellent Liquidity – Logix has more than $7.4 billion in stable, well-diversified deposits, along with $4.4 billion in unused borrowing capacity at the Federal Home Loan Bank and Federal Reserve Bank
• Conservative Investments & Strong Balance Sheet – Logix maintains conservative investment and balance sheet management practices. We have no exposure to recently failed banks or cryptocurrency assets. In contrast, Silicon Valley Bank and First Republic Bank were heavily concentrated in startup companies and venture capital firms, while Silvergate and Signature Banks were heavily focused on banking crypto-related companies
• 5-Star rating – Logix consistently earns the highest possible rating for financial strength, as measured by industry analyst, Bauer Financial
• Strong Capital Position – Our net worth (or capital) is 13.3% of assets, well above the 7% threshold our regulators, NCUA, require to be well-capitalized, and significantly above the bank average of 8.8%
• Federally Insured – Member deposits are federally insured to at least $250,000 per individual vesting, with another $250,000 allowed for IRAs. Today, only 16% of member deposit balances are uninsured. By opening accounts using different individual/joint ownership structures, a family can secure coverage well above the federal insurance limit
• Positive earnings – Your credit union maintained a perfect record of positive earnings over our 86-year history, including the great financial crisis of 2008. Click here to review our most recent audited financial statements

Ana E. Fonseca
President and CEO

Logix is safe and strong

Here's how a few important financial ratios compare to the industry. 

The charts above show Logix Federal Credit Union’s financial results as of 12/31/22. Bank and Credit Union averages are current as of December 31, 2022 (the most recent period available) and are based on institutions with $3 billion or more in assets. Source: NCUA.gov and FDIC.gov.