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Member Alert – Recent Bank Closures in California and New York

  • March 16, 2023

Astera Credit Union wants to take this opportunity to address the recent news surrounding Silicon Valley Bank (SVB), located in California, and Signature Bank, located in New York. First, it’s essential to understand these shutdowns have nothing in common with the megabank crisis in 2008. The failures of SVB and Signature are primarily the result of financial issues specific to each bank. Another important note about the recent bank closures – in the case of both SVB and Signature, all their bank deposits will be available, and all depositors will be made whole.

Some members have contacted us seeking information and reassurance during this time. Let us take this opportunity to remind you that we have always been a stable financial institution and take a prudent approach to provide safe, reliable financial products and services to our members.

Initially founded in 1949, Astera Credit Union (formerly Auto Body Credit Union) remains well-capitalized and is positioned to continue serving our members and community. We serve a diversified membership and have a diversified portfolio of deposits, and our growth has remained slow and steady over the past years.

Additionally, Astera Credit Union deposits are secured by the NCUA up to $250,000.00. We are committed to working with our members to assist with your account structure and ensure your funds are insured. If you have questions about your account, please get in touch with us directly so we can assist you.

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