PSCU’s Response to Recent Bank Closures, Liquidity & Run on Banks:
On Friday, March 10, 2023 Federal Regulators shut down Silicon Valley Bank (SVB) and Signature Bank, on Sunday, March 12, 2023. Silicon Valley Bank provided banking services to the Start-up / Tech Industry and Signature Bank provided banking services to real estate companies, law firms and cryptocurrency companies. While we do NOT have any deposits in either of these banks, all depositors of both institutions will have access to and receive their full deposits.
Public Service Credit Union (PSCU) remains well capitalized and well positioned to continue to serve our members and community for generations to come. Public Service Credit Union was chartered in 1932…our sound financial policies and experienced leadership team contribute to our high rankings annually from regulators for safety and soundness practices and management of risk.
Deposits at PSCU 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. That means backing by the full faith and credit of the U.S. government. Public Service Credit Union deposits are also insured for an additional $250,000 by American Share Insurance. PSCU is well capitalized and in solid financial position to meet the saving and borrowing needs of its members.
Members have never lost a penny of insured savings at a federally insured credit union. Visit https://mycreditunion.gov/insurance-estimator for more information about the National Credit Union Share Insurance Fund coverage for consumers.
As a member of Public Service Credit union, you have access to our experienced team, and we stand ready to assist you with any questions or concerns. Contact us at 260-432-3433 or firstname.lastname@example.org. Feel assured, your money is safe with us.