Dear Valued Members,
Regulators recently closed two banks—Silicon Valley Bank on March 10 and Signature Bank on March 12, 2023. You can rest assured knowing that Purdue Federal—and most other banks and credit unions in the U.S.—are very different from Silicon Valley Bank and Signature Bank who both served higher-risk customers including start-up companies, venture capital firms and cryptocurrency banking companies. For example, Silicon Valley Bank had a very non-diversified depositor base of venture capital and technology firms where approximately 90% of their deposits were above the $250,000 insured level.
Purdue Federal remains a safe place for your deposits. Our diversified deposit base of 85,000 consumer and small-business members’ funds are insured up to $250,000 per depositor through the National Credit Union Share Insurance Fund of the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. The NCUA is a separate entity from the FDIC, which insures deposits in banks up to $250,000. Members of federally insured credit unions like Purdue Federal have never lost a penny of insured savings.
Our membership base is financially stable and looking for basic financial needs to be met through lower-risk auto loans, mortgages, home equities, small business loans and credit cards. Our lending practices are sound as shown through our very low delinquency and charge-off rates. We have annual examinations from our Federal regulator (NCUA) with solid results. We believe in full transparency so we post our monthly and yearly financial reports on our website, which can be reviewed on the Financials & Reports page.
If you have questions or concerns, please don’t hesitate to reach out. We appreciate your membership.
President and CEO