Dear Credit Union Member,
I am certain you have been made aware of the actions financial regulators have taken over the last week to close and assume control of a few very large banks. Regulators and the FDIC (Federal Deposit Insurance Corporation) have assumed control of the institutions to assist depositors as the liquidation process begins.
In response to these actions, I want to make certain members understand their deposits are safe at HRCU. The credit union is strong and considered well capitalized by regulators. Additionally, I want to make sure you know you can continue to depend on the credit union as a trusted place for your deposit dollars.
The credit union is not a bank and as such its purpose and organization are different. HRCU remains a not-for-profit financial cooperative, locally controlled, owned, and operated for the benefit of members.
For this reason, HRCU does not engage in making risky investments such as those associated with the banks in the news. Our lending practices are conservative, nor concentrated in start-up business lending. Credit union earnings are returned to the credit union’s owners (members) as high-quality, low-cost financial products and services.
Additionally, member deposits are federally insured up to $250,000 per member per account by the National Credit Union Administration’s (NCUA) Share Insurance Fund, an agency of the United States Federal government. Both the NCUA and Pennsylvania Department of Banking and Securities requires the credit union to maintain strict regulatory standards to ensure compliance and a strong financial condition.
Our objective of continuing to serve members remains. It is our hope you continue looking to HRCU as your trusted financial partner that provides convenience, affordability, and quality financial products and services – while knowing your accounts are safe.
Please feel free to contact the credit union if you should have any additional questions or concerns.