Dear Valued Member:
In light of the recent bank failures (Silicon Valley Bank – California and Signature Bank – New York), I would like to take a moment to address these recent events to our membership. I understand that this type of news may cause people to worry about their financial institution and their ability to access their hard-earned money. I want to reassure you that your deposits are safe and secure at Greater Alliance Federal Credit union.
Last year in April 2022 we celebrated our 85th anniversary. We have weathered several economic cycles, wars, natural disasters, and recently, a global pandemic. Over all those years, keeping our members’ funds safe; offering members assistance when they need it most; and supporting our local communities had always been our primary focus.
With a strong capital buffer at over 9%, well over what the National Credit Union Administration (NCUA) considers a “well-capitalized” credit union, we have been, and continue to be, a well-run, financially-sound credit union. The majority of our assets are utilized to lend out to our membership with only a small percentage allocated to government-backed and insured investments. This way, we are reinvesting most of it back to benefit our membership. We have operated this way for over eight decades and it’s a proven formula for how we endured all sorts of economic cycles and continue to come out of them stronger.
From our volunteer board members and tenured management team to our passionate front-line and back-office staff, we work very hard to ensure Greater Alliance is safe, secure, and sound.
Finally, I would like to remind you that your deposits at Greater Alliance Federal Credit union are federally insured for up to $ 250,000 per member and for each account ownership category. To review the NCUA insurance information visit ncua.gov or click here to download their brochure.
I appreciate the trust you have placed in Greater Alliance Federal Credit Union and pledge that our entire team will remain faithful stewards of your hard-earned savings. Greater Alliance is and will continue to be a GREATER place to grow.