A message from Greg Wagner, President/CEO
I want to take a moment to convey some important information about the security of your funds with PA Central, following the failures of Silicon Valley Bank and Signature Bank. First, PA Central is not connected with, and has no relationship with either financial institution. As a not-for-profit entity, federally insured by the National Credit Union Administration (NCUA), we operate with a completely different business plan and approach than for-profit banks like Silicon Valley and Signature. We do not deal in cryptocurrency or other questionable ventures, such as high-risk tech start-ups. Simply speaking, neither any PA Central member nor any other federal credit union member has ever lost a dime of their insured savings, including during the recession that unraveled the economy in 2008 and 2009.
It’s also important to know the failures of these banks were not due to systemic issues affecting the entire financial institution industry. These are circumstances where two banks, through poor management of their balance sheets, triggered a disastrous result.
Each and every year, the NCUA conducts a multi-faceted examination of our credit union to make sure we remain financially sound. And while your money is insured up to $250,000, PA Central’s Board of Directors and I understand it is YOUR money, and we do not take risks with it.
Sincerely,
Greg Wagner
President/CEO
PA Central Federal Credit Union
