Your Parkside Accounts are Secure

Published: 03/13/2023

You have likely heard by now the news regarding the closure of two large banks: Silicon Valley Bank (California) and the Signature Bank (New York). It is easy to understand how these closures could cause a sense of uncertainty, particularly regarding your finances and the money you have worked so hard to save. Please be assured that your Parkside funds are secure:

  • Each Parkside member’s deposits are insured to $500,000 -- $250,000 through NCUA and $250,000 through the Excess Share Insurance Corporation. Please click here for more info. 
  • With regard to the Silicon Valley Bank and Signature Bank closures, it is important to note that per the Federal Reserve, the Treasury, and the FDIC, the impacted bank customers are fully protected, will be able to access their money, and will not lose their deposits. The United States regulated banking systems have ensured that no consumer has ever lost any money for insured deposits.  
  • Parkside has strong capital and a very well diversified investment portfolio. The Parkside Board of Directors and Executive team carefully manage the risk in our portfolio and do not invest in technology or crypto.
  • Parkside has regulatory oversight by the Michigan Department of Insurance and Financial Services (DIFS) and the National Credit Union Administration (NCUA).
  • Parkside’s membership base is local and community-based, much different from the customers of these banks, which mostly consisted of large venture capital companies.  

If you have any questions, please do not hesitate to contact us at 734.525.0700. 

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