Your Deposits Remain Secure
A message from Russ Cronin, President and CEO
In recent days, you may have heard news about the failure of Silicon Valley Bank, and concerns about the health of the banking system as a whole.
I want to reassure you that Adirondack Regional FCU remains financially sound. The problems affecting the institutions in deepest peril are unique to a small number of banks.
Many of those problems stemmed from rapid, unchecked growth, and poor liquidity — in other words, a lack of available cash to make depositors whole. At Adirondack Regional, we manage our liquidity using industry-standard tools, and our position remains strong.
One of our greatest strengths, as a regional institution, is that our membership is diverse: We serve small businesses, young families, retirees, and everything in between. In other words, our members reflect what our communities look like. Depositors at SVB are almost entirely concentrated among venture capital funds and technology firms, which made it vulnerable to shocks in that industry.
Regardless, at Adirondack Regional FCU, almost all of our deposits – up to $250,000 per depositor – are fully insured by NCUA. This stands in stark contrast to depositors at SVB, where 90% of deposits were uninsured.
I'm confident in the strength not just of Adirondack Regional FCU, but the strength of our banking system. If you have any questions or concerns about these events, though, please call or email us at any time.