In the wake of last week’s collapse of Silicon Valley Bank (SVB), fueled by a capital crisis, and the voluntary liquidation of Silvergate Bank, due to the erosion of trust in the crypto-currency market; Sun East would like to remind our member-owners how your funds are protected.

Sun East’s Supervisory Committee, Board of Directors, management team, and federal regulators, are diligent in providing the protection and oversight needed to ensure a well-managed, well-capitalized credit union for our member-owners through these major initiatives:

  • Insuring deposits for up to $500,000 through the combination of a government-backed insurance fund, as well as insurance from a private carrier for added protection.
  • Participating in regular financial audits conducted by NCUA (National Credit Union Administration), a government agency charged with regulating all federal credit unions.
  • Engaging independent audit and accounting firms to ensure the Board of Directors and management team meet the required reporting objectives and have sufficient procedures to safeguard members’ assets.

To elaborate on how your funds are insured at Sun East: deposits (like savings, checking, money markets, IRAs, and certificates) are insured for a total of up to $500,000; with up to $250,000 insured by NCUA (National Credit Union Administration), a government agency, through the National Credit Union Share Insurance Fund. And, as a member-owner benefit, Sun East also provides up to an additional $250,000 in coverage through ESI (Excess Share Insurance), which is not a government agency, but a licensed property and casualty insurer.

Per the NCUA, the agency that regulates federal credit unions like Sun East:

“Credit union members have never lost a penny of insured savings at a federally insured credit union. Additional information on NCUA share insurance coverage for consumers is available at”

NCUA not only performs ongoing audits of the credit union to ensure its safety and soundness, but they also mandate that each year, Sun East’s Supervisory Committee engages an independent public accounting firm to audit and report on its annual financial statements and condition. In addition, Sun East enlists the services of Accume Partners as an independent auditor to further assure that Sun East follows and meets all the Credit Union’s policies and procedures. The result of these audits continues to prove that Sun East is well managed, financially strong, and operating under the highest of standards.

Sun East employees and board/committee volunteers also engage in annual, required training to ensure they understand the regulatory and compliance requirements mandated by NCUA. The credit union’s senior management team, Supervisory Committee and the Board of Directors meet regularly to review the financial condition of the credit union, and make any necessary adjustments based on fluctuating economic factors such as inflation and federal rate changes.

In April each year, the credit union holds an Annual Meeting where member-owners can address any concerns or ask questions related to credit-union performance, directly with the President and CEO, and the Board of Directors.

This combination of protection through federal and private deposit insurance coverage, ongoing internal and external audits, ongoing communications with member-owners, and operations oversight by the Board of Directors; has assured Sun East’s safety and soundness for the past 74 years and will continue to provide financial stability for our member-owners in the coming years.

Rest assured, we will remain vigilant in honoring the trust our member-owners, like you, have placed in us by continuing to operate in a safe, sound, and secure manner; thank you for your continued support!

For additional information on NCUA’s Share Insurance, please visit