Lafayette Federal Remains Safe, Secure, and Committed to Your Financial Well-Being
Message from President & CEO, B. John Farmakides
March 13, 2023
We understand that news about Silicon Valley Bank and Signature Bank has raised concerns about the safety and stability of financial institutions. These banks experienced a failure rooted from poor risk management and losses from fixed rate investments. At Lafayette Federal Credit Union, we have consistently adopted prudent and conservative risk management practices and have steered clear from long-term, fixed-rate investments. We want to assure you that our credit union is financially strong and stable, as we have been for almost 90 years.
We maintain a well-diversified portfolio of assets and our focus remains on traditional banking services to meet the needs of our membership. We also do not have any exposure to the crypto market, which has shielded us from the volatility and risks associated with that sector.
Further, we want to emphasize that our credit union is well-capitalized and has sufficient liquidity to weather any potential challenges. Please feel free to visit our website and view our January 31, 2023 Financials, as well as our most recent Annual Report, which contain information on our industry-leading financial position.
Finally, please keep in mind that your deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000 per individual depositor. If you would like to learn more about maximizing your NCUA insurance, please do not hesitate to reach us at 301-929-7990 or 1-800-888-6560. Alternatively, you can also use the Share Insurance Estimator at mycreditunion.gov, which is a tool that provides information on how share insurance applies to your account(s).
Thank you for your continued trust and support.
