Dear Valued Members,
The recent news of the FDIC taking control of Silicon Valley Bank may have caused concern or questions about the safety of your deposits here at your credit union. However, I want to make it clear that the nature of that event does not affect the security of your accounts with The Police Credit Union.
As a Credit Union, we operate under a very different model than commercial banks or those like Silicon Valley Bank that are considered 'technology' commercial lenders providing venture capital funds to start-ups. Instead, our exclusive focus is on providing our hard working members with exceptional service, competitive pricing on savings and deposits and above all, to rock-solid financial stability.
A key cornerstone of our soundness is our net worth of 12.77%, far above that of banks, above what our own regulators require and even other credit unions. Having such a high net worth gives us a vital cushion to help weather volatile situations in the economy. And it allows us to offer you peace of mind.
Remember, unlike banks, our organization is 100% owned by you, our members, and we are not driven to deliver short-term profits to shareholders, We are instead committed to managing our resources responsibly and prudently to ensure the safety, soundness, and future security of our institution.
Our Credit Union is insured by the National Credit Union Administration (NCUA), which provides deposit insurance for up to $250,000 per account holder. Please note that accounts may be insured for a higher limit, based on how they are structured. For more information on how this can be done, please stop by a branch or call us at 800.222.1391.
For nearly 70 years, we have worked hard to earn the trust and confidence of our members and we take our responsibility as your financial partner seriously. Please rest assured that we are committed to maintaining the safety and security of your deposits, and we will continue to provide you with the highest level of service.
Thank you for selecting us as your financial partner. If you have any questions or concerns, please do not hesitate to contact us at 800.222.1391.