Headlines about the U.S. regulators taking over Silicon Valley Bank and Signature Bank have dominated the news over the past few days. You may have questions about the safety of your deposits. We wanted to take this opportunity to explain the events as we know them today, and to reaffirm the safety of your deposits at Public Service Credit Union.
· The issues that affected SVB and Signature Bank are not representative of the overall banking system. Their customer base consisted of start-ups, venture capitalists, and crypto currency firms. All of these sectors have experienced a decline due to various economic factors over the past few months. We at Public Service Credit Union do not have any exposure to these types of businesses.
· Regulators have indicated they will do whatever it takes to be a backstop to U.S. depositors. This means they are currently insuring deposits for the failed banks in excess of the normal $250,000.
· PSCU continues to be one of the strongest financial institutions in the country (thanks to our great team). We are 5-Star rated by Bauer Financial and have been for over 20 years. We also consistently earn the highest ratings by our state regulators. We maintain our capital at nearly double the amount required to be considered "well capitalized" by the regulators.
· In short, we prioritize the safety of our members’ money, we are financially stable, and we are here to meet your financial needs for today, tomorrow, and always.
This is a dynamic situation that we are continuing to monitor. If at any moment you have further questions, please reach out to the PSCU Team.
734-641-8400 www.pscunow.com