With the current circumstance of Silicon Valley Bank (SVB), you may have concerns about the security of your deposits at Security Bank. We offer our assurance and guidance that your hard-earned dollars are in safe hands.
The isolated incidence has no direct impact on Security Bank and our customers. Security Bank is well-capitalized and we do not have the erosion of asset market value that was specific to the current crisis at SVB.
The Treasury Department emphasizes that “both bank failures appeared to be idiosyncratic events related to the specific banks’ circumstances. Overall, the U.S. banking system remains resilient and on a solid foundation, in large part to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.”
No losses will be borne by depositors or taxpayers. Learn more at https://www.fdic.gov/.
We want to assure you that our capacity to preserve and protect your funds is and remains strong. Our bank is well-capitalized, in addition to having ample available liquidity. In short, these conditions ensure that your accounts and funds remain protected amid uncertainty. We are available to talk through your specific needs now and in the future.
Security Bank is built on the values of honesty, integrity and responsibility. We meet the needs of our community with fair credit availability and sound banking practices. We pursue financial stability and adaptability for a constantly changing landscape, and we are committed to the financial success and growth of our customers and the Bank. We act responsibly to do what is right, not what is popular, to deliver high quality products and services at fair and accurate prices.
We are happy to share our financial statements and answer any questions you may have about Security Bank’s safe and sound banking practices.
Additional Resources:
As an FDIC-insured bank, deposits are automatically insured up to at least $250,000 per depositor, per ownership category (e.g. single, joint, trust, business, employee benefit, and certain retirement accounts). IntraFi Network Deposits provide additional tools to enhance FDIC insurance coverage. You can use the Electronic Deposit Insurance Estimator (EDIE) to know how the insurance rules and limits apply to your deposit accounts at Security Bank. We are also here to help you assess, understand, and structure your deposit accounts to ensure FDIC coverage.