Over the past few days, the banking industry was jarred by the collapse of Silicon Valley Bank (SVB) and Signature Bank. These collapses were preceded by triggering events involving selling investments at a loss to fund the cash withdrawals of its customers, who were largely startups and other tech-centric companies.
Our commitment to you
Given the developments with the SVB Bancorp and Signature Bank failures, we want to take a moment to reassure our members that your Credit Union is financially sound, and your Credit Union deposit accounts are safe.
How LGFCU is different
Local Government Federal Credit Union is an institution engaged in financial activities of a much lower risk than Silicon Valley and Signature Bank. To further mitigate our risk, we don’t invest in, or do business using, cryptocurrencies. We use tools, processes and procedures to manage risks and ensure the safety and soundness of your credit unions.
NCUA Deposit Insurance
Your Credit Union deposit accounts are federally insured up to $250,000 by NCUA. Find out the details of how your accounts are protected.
We are your partner in your financial success. We will work hard to protect your financial lives.