If you’ve watched the news lately, you’ve probably heard about the Silicon Valley Bank collapse last week. It is the second-largest failure of a financial institution in U.S. history since the collapse of Washington Mutual during the 2008 financial crisis. On March 12th, regulators also shut down Signature Bank which has created some concern across the country.
We want to reassure our members that these banks operate quite differently than credit unions and engage in more risky ventures. Since 1909 when the first credit union in America was founded, no credit union member has ever lost a penny of insured savings at a federally insured credit union.
As a credit union member at American Partners Federal Credit Union, you are an owner of our not-for-profit financial cooperative, and have been serving our members since 1975.
- We focus on financial security and your financial success as our first priority.
- We are federally insured, and your deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor-the same as any other federally insured financial institution. You can visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for members.
- We are examined regularly by the National Credit Union Administration that works to safeguard credit union members. The NCUA is an independent federal agency that protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks.
- We remain strong and are committed to serving our members for many generations to come.
Thank you for the honor and privilege of serving you.
Please do not hesitate to contact us if you have any questions or concerns.