A Message from Glendale Area Schools Credit Union CEO Wesley Walton
Recent news surrounding Silicon Valley Bank has many individuals questioning the financial strength of the institutions they do business with. Be assured that by doing business with Glendale Area Schools Credit Union, you are doing business with one of the strongest credit unions in America.
Your Credit Union does not engage in risky behaviors like the banks in the news did. Management is more concerned with serving members safely and securely than maximizing stock prices. We are committed to being there for you.
We regularly tout the exceptional financial strength of the credit union and that we earn high marks from our industry’s regulators and accountants, year after year. In 2022, management produced $5.2 million in net income, the highest in the Credit Union’s 85-year history. While the year is still young, we are on pace to earn $4 million this year, and our current capital position is twice the regulatory thresholds and significantly above our peers. Recent events have reinforced the value and importance of maintaining such financial strength and being well-positioned. We began 2023 with a record-level capital position and significant liquidity while delivering cost-effective financial services to the membership.
More information about the Credit Union’s financial strength, performance and financial ratings can be found on our website. I encourage you to give it a look.
As we have seen in past market downturns, recessions, and even during the pandemic, Glendale Area Schools Credit Union has not only survived extreme external challenges, it has thrived. We have a history of expertly navigating and managing the various risks of our business to ensure we can keep the promises we make to you, our members, no matter the economic or market headwind it may face. It’s a hallmark of our business and you can count on us.
Wesley Walton, CPA MBA
Chief Executive Officer