News & Events

Greetings,

Recent events regarding the failures of Silicon Valley Bank, Silvergate Bank and Signature Bank have brought to light the importance of being informed about the safety and security of accounts within federally insured credit unions, such as GPO. As a federally insured institution, GPO is monitored by financial regulators in order to guarantee proper management and secure members’ money. Furthermore, their funds are protected by the National Credit Union Share Insurance Fund, affording each individual depositor up to $250,000 in coverage. It is reassuring to know that no member has ever lost a single penny of insured funds at any federally insured credit union. It's significant to note that GPO does not transact with cryptocurrencies, and these banks concerned had a minimal customer base that highly contributed to their downfall. In comparison, credit unions today have a broader range of membership which makes them financially stronger. Also, all such institutions in NY are evaluated frequently by fiscal regulators in order to ensure they function properly and protect users’ funds securely within each institution.

Though credit unions weren't connected to the current financial situation, I want members to know that GPO is a well-capitalized credit union in a strong financial position and your shares are safe and sound. 

Additional information on NCUA share insurance coverage for consumers is available at MyCreditUnion.gov 

Sincerely,

Nicholas Mayhew, CEO/President
GPO Federal Credit Union