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Recent Bank Failures Spark Interest in Credit Unions

The not-for-profit financial institutions exist to serve its members


MIRAMAR, Fla. – With bank failures in the U.S. and abroad making headlines, Tropical Financial is reminding the public about the safety and security of being part of a credit union. Deposits are insured up to $250,000 per depositor, per ownership category by the National Credit Union Share Insurance Fund. The fund is backed by the full faith and credit of the U.S. government.

“When you bank with Tropical Financial or any credit union, your money is safe,” said Richard Shaw, CEO/President of Tropical Financial. “We take a very conservative approach when it comes to how we manage members’ money.”

While banks are created to benefit their shareholders, credit unions are not-for-profit organizations that their members own. “Because of our structure, our main mission is to help members succeed financially,” Shaw said.

Tropical Financial is a Florida-chartered institution with a $1 billion in assets and 68,000 members. Residents in Miami-Dade, Broward, Palm Beach, St. Lucie, Martin, Lee, Collier, Hendry and Sarasota counties can join by depositing as little as $5 in an account.

The credit union offer a robust selection of checking and saving account options, including CDs and money market accounts. It also offers consumer, recreational and auto loans, home mortgages and business banking. Members can do their banking on a mobile device or computer, or at any of the credit union’s seven South Florida branches.

“Credit unions typically use their profits to pay more on deposits and charge less on loans,” Shaw said. “With interest rates rising over the past year, this is another good reason why consumers should consider moving their money to one. It could be a profitable decision.”

Tropical Financial provides members with free financial education and services. They include access to an app that saves money on education loans, a car shopping service, a home buying service and a program that helps members manage their finances.


About Tropical Financial Credit Union

Based in Miramar, Florida, Tropical Financial Credit Union is a not-for-profit financial institution whose deposits are federally insured. Anyone who lives or works in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Lee, Collier, Hendry, and Sarasota Counties is eligible to join. Tropical Financial Credit Union formed in 1935 by employees of the former Southern Bell with just a few hundred dollars and has grown to $1.0 billion in assets as of June 30, 2022. For more information, visit www.tropicalfcu.com.


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Media Contact:

Todd Templin or Lauren Berger


954-370-8999 or 954-290-0810