Citadel Credit Union is in Safe and Sound Financial Position

Citadel is aware of recent news regarding the collapse of two major U.S. banks, and we assure our members that we remain in a safe and sound financial position. We encourage our members to understand how your deposits are insured and protected with Citadel.

Is Citadel Credit Union sound?

Yes, we continue to be in a strong and stable financial position.

How is Citadel insured?

Federal credit unions are federally insured by the National Credit Union Administration (NCUA).

What is the NCUA coverage?

The National Credit Union Insurance Fund (NCUSIF) provides all members of federally insured credit unions with $250,000 in coverage for their single ownership accounts. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union are fully insured. To learn more specifically about your personal situation, we encourage you to visit the NCUA Estimator at MyCreditUnion.gov/Estimator or the following resource from the NCUA.

What is the stability of the NCUA?

Just like the FDIC, the Share Insurance Fund has the backing of the full faith and credit of the United States of America. Credit union members have never lost even a penny of insured savings at a federally insured credit union.

What is the background of the NCUSIF?

Share Insurance Fund Overview The National Credit Union Share Insurance Fund was created by Congress in 1970 to insure members' deposits in federally insured credit unions. Each credit union member has at least $250,000 in total coverage. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000. Additionally, a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects members’ IRA and KEOGH retirement accounts up to $250,000 and provides additional coverage for members’ trust accounts.

Available Resources

NCUA Insurance Overview – how your account is insured:

The following NCUA resources are available to describe in detail how accounts are insured:

• https://ncua.gov/files/publications/guides-manuals/NCUAHowYourAcctInsured.pdf
• https://mycreditunion.gov/sites/default/static-files/insured-funds-brochure.pdf

How can I determine my coverage with Citadel?

The NCUA offers an Insurance Estimator tool that allows you to determine your coverage based on your personal situation: https://mycreditunion.gov/share-insurance-estimator-home

Where can I learn more about Citadel’s financials?

Citadel’s most recent Annual Report is available at CitadelBanking.com/about-citadel/annual-reports. Our 2022 report will be posted in mid-April. We will email members when it is released.