The collapse of Silicon Valley Bank on March 10 was the second-largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. Regulators also shut down Signature Bank on March 12 and First Republic Bank on May 1st.
While these situations do not directly reflect on Pathways or any other credit union, we would like to address the safety of your deposits.
Like banks, credit union deposits of up to $250,000 per depositor are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), a fund that is backed by the full faith and credit of the U.S. government. Higher insurance levels are available to certain types of accounts like joint accounts and trusts
The NCUA is committed to the protection of credit union members and the safety and soundness of the credit union system overall.
No one has ever lost a single penny of insured share deposits within the credit union system.
When you became a member of Pathways Financial Credit Union, we opted to purchase additional private insurance coverage through Excess Share Insurance (ESI) at no additional cost to you.
Credit unions are not-for-profit financial cooperatives that exist to serve their members. Unlike banks, we do not issue stock or pay dividends to stockholders. Credit union earnings are the only way we grow our capital, and we return profits to our members through lower fees and better loan and deposit rates.
Pathways Financial Credit Union is well capitalized with a 10.7% net worth ratio and, in 2022, had $6.2 million in net income. We have access to a wide range of liquidity sources which ensures that we will always be able to meet our member’s savings, borrowing, and spending needs.
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