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Your Deposits are Still Safe and Secure

Your Deposits are Still Safe and Secure

Tuesday, March 14, 2023

Dear Valued Members,

We are aware of the recent collapse of Silicon Valley Bank (SVB) of California and Signature Bank of New York and are monitoring both closely.


In light of this news, we want to assure you that your money is  safe and secure  with Parsons Federal Credit Union and Skyla Credit Union.  How?


We are a member-owned financial institution.

We are a credit union, not a bank, meaning we are a not-for-profit organization built to serve and benefit our member-owners. Our broad and diverse membership includes both individuals and businesses, ensuring we are not overly exposed to the risks of any particular industry or singular event.


We do not cater to one industry.  

Both SVB and Signature Bank concentrated on specialty sectors in the tech and cryptocurrency industries and, in doing so, faced the pressures of catering to such volatile markets.


Your deposits are insured.

Parsons FCU and Skyla insure your deposits up to  $250,000  through the National Credit Union Administration (NCUA), an agency of the United States Government. Additional insurance is provided through NCUA for joint accounts and other account types.


Additional deposit coverage.

In some cases, additional coverage is available through Excess Share Insurance Corporation (ESI) - the nation’s largest provider of deposit insurance for credit union consumers with balances in excess of the basic $250,000 NCUA provided insurance. Please contact a Member Service Advisor to find out more and how to best structure your accounts for maximum insurance coverage.


We are financially strong.

Please be assured that your money is safe. Even prior to our merger with Skyla, Parsons Federal Credit Union has been financially strong. Parsons FCU and Skyla maintain a healthy capital that is well above what is mandated by our regulators. This capital has been accumulated with consistent healthy earnings since we began in 1975.


For any additional questions surrounding the recent news, please contact one of our Member Service Advisors at or call (800) 765-4527.


Thank you for allowing us to be your trusted financial partner!



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