While recent bank closures are troubling, credit unions remain healthy, Maine Credit Union League President/CEO Todd Mason told Maine Business Journal this week. Mason added that he believes credit unions are the safest places for small business and entrepreneurs.
“A fundamental tenet of running a healthy financial institution is diversification,” he said. “That is exactly what our credit unions do, and exactly what SVB and Signature did not do.”
Mason also added that the credit union difference means credit unions will continue to to focus on safety and soundness.
“Members place their trust in credit unions to safeguard their assets and secure their financial futures,” he says. “Carrying out this responsibility is our top priority.”