Skip to content

Safe, Sound, Secure

Update on the Security of Your Funds at Garden Savings FCU in Light of Recent Bank Failures

Dear Garden Savings Members:

In light of the recent failures of two large national banks that have been dominating the news lately (Silicon Valley Bank in California and Signature Bank in New York), I wanted to take a moment to address the current state of finances and your deposits at Garden Savings Federal Credit Union.

Garden Savings enjoyed a successful 2022 and we are off to a very good start in 2023 as well.  While it is true that like many other financial institutions we saw some deposits leave us last year for a brief period, several Certificate promotions (including our current 4.50% APY for 13, 25 or 37 months) have reversed that trend a great deal and our balance sheet is very strong at the present time.  We are now continuing to increase our deposits steadily (while our loan demand remains strong), positioning our credit union for growth and stability in the months and years to come.  Our capital ratio is over 9% which is well over the minimum threshold that our governing body, the NCUA, sets for a well-capitalized credit union.

I would like to further reassure all of our members about the stability of funds at the credit union.  All accounts at Garden Savings FCU are insured by the National Credit Union Administration up to $250,000 (  It should be noted that the NCUA is a completely separate federal institution than the FDIC which is the insurance fund for banks and the one that would be relevant to the two bank failures noted above.  In addition to the $250,000 in insurance from the NCUA, Garden Savings purchases an additional $250,000 from a private organization known as Excess Share Insurance (ESI) for all member deposits.  This gives you an extremely reassuring $500,000 in insurance coverage that yields a peace of mind that few others can offer. 

For the full and official statement on the failed banks from NCUA Chairperson Todd M. Harper, visit this link:  Statement from NCUA Chairman Todd M. Harper | NCUA

I realize that these are uncertain times for many in the banking sector and their customers rightfully have some trepidation right now.  However, both Garden Savings and the credit union industry as a whole are strong, well-managed, and under different oversight than those banks.  In short, your deposits are in great hands at Garden Savings Federal Credit Union and we are committed to protecting your money and weathering any storms that this current economic environment presents.  If you have any additional questions, please feel free to email me directly at [email protected].


Michael Powers

President & CEO

Garden Savings Federal Credit Union