Dear Valued Customers:
I’m sure many of you have heard about the events that took place at Silicon Valley Bank in California. A lot of news and information has been shared over the past couple of days and as your bank, we want to assure you, your finances are safe and secure at The State Bank.
Since the closure of Silicon Valley Bank on Friday, the US Treasury Department took immediate action to ensure “depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” The same holds true for depositors of New York-based Signature Bank, which was closed Saturday by state regulators. All depositors will be made whole.
But just as important, The State Bank, as a well-diversified and financially stable community bank, is quite different from both Silicon Valley Bank and Signature Bank in New York. The recent bank failures, according to the Treasury Department and FDIC, were related to the banks’ specific circumstances.
Should you have additional questions, please reach out to us.
Ronald L. Justice
President and CEO
The State Bank
Please know that nobody has ever lost a dime of FDIC-insured deposits up to $250,000. If you have questions about your deposit coverage or would like to learn more about FDIC insurance and how it works, we are available to assist you in identifying whether additional coverage is necessary and ensuring your deposit needs are met.
We do offer additional products to protect our depositors with deposits in excess of $250,000. Please reach out to your nearest branch if you are interested in learning more.
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