HOUSTON, Texas March 17, 2023 - I am sure you have seen the recent news regarding Silicon Valley Bank (SVB), Signature Bank, and now concerns with Credit Suisse. It is only natural to have questions. We are not worried and wanted to be certain that you aren't concerned about the security of your funds in the credit union. I want you to know that you can be confident that your money is safe, fiscally secure, and ready for use when needed.
PrimeWay has been in business, weathering economic ups and downs for 86 years. We take our role as financial stewards of your funds seriously and apply a balanced, conservative approach to investments. We have solid financials and are well-capitalized. The National Credit Union Association, NCUA, which regulates credit unions, classifies credit unions with 7 percent capital as well-capitalized. PrimeWay's net worth is over 12 percent. That means regulators recognize PrimeWay as amply able to meet all our members' cash needs.
Credit unions operate under more restrictive regulatory investment guidelines than banks and cannot access more risky investment vehicles. PrimeWay has not invested in cryptocurrencies, nor are our investments or deposits dominated by any one industry. Unlike banks, we do not have stockholders. We focus on making decisions in the membership's best interest, not fast profit. Our substantiated business model prepared PrimeWay to be a safe harbor for your money during these turbulent economic times.
In addition to our sound financials and balanced investment portfolio, your funds are insured for up to $250,000 by the NCUA. Unlike the banking system, where 50 percent of total bank deposits are insured, over 90 percent of total credit union deposits are insured by the federal government. PrimeWay also has access to the Federal Reserve, which in a statement released on March 12, has committed to "make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors."
Rest assured; your credit union has strong financials, a balanced investment portfolio, solid insurance, and ready access to additional liquidity. You can count on PrimeWay to provide you with a reliable, stable place to save in these tumultuous times.
We understand the serious commitment and trust you placed in us when you opened an account with PrimeWay. Our teams will continue to work tirelessly to honor that trust, protect your assets, and give you peace of mind.
We are here for you.
Annette Zimmerman, CEO