Dear Members:
We recognize the recent news of bank failures may prompt questions about the fiscal health of Granite State Credit Union.
Granite State Credit Union remains safe and sound with sufficient liquidity to fund member loan and withdrawal needs.
- GSCU is regulated by the National Credit Union Administration (NCUA) and the New Hampshire Banking Department (NHBD), and insured by the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government, insuring member accounts up to $250,000 per individual depositor. This federal insurance fund is similar to the FDIC which is insuring depositor accounts in the bank failures announced over this past weekend.
- GSCU is a well-capitalized financial institution, maintaining equity reserves and limiting investments to those that prioritize safety and soundness. In fact, GSCU maintained excess liquidity throughout the pandemic in order to be well-prepared for any member cash or lending needs. GSCU consistently receives high marks for the safety and soundness of our operations.
- Silicon Valley Bank was a niche bank serving the technology industry, including start-ups, entrepreneurs, and venture capital firms. The bank was highly concentrated in a limited, high-risk sector. Signature Bank was one of the main banks for cryptocurrency companies. The business model of these banks is completely different from that of a credit union and has much more inherent risk in their operations.
- GSCU will continue to serve our members as we have since our inception in 1945, with traditional financial services to meet our members deposit and loan needs. We value and appreciate your membership and your ongoing support of the credit union.
We stand ready to respond to any questions or feedback you may have. You can always email our Executive Team directly via the Talk to the CEO link on our website.
Thank you for your membership!
Sincerely,
Denise L. Barstow
President/CEO
