As you may have heard, last Friday, the FDIC closed Silicon Valley Bank (SVB). A joint statement has been issued by the Department of the Treasury, Federal Reserve, and FDIC stating that the “U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
Please be assured, it is ‘business as usual’ with us. Union Bank, as a community bank, remain well capitalized and well positioned to continue to serve our customers and community. We were chartered 89 years ago and expect to serve this community for generations to come.
- As your community bank, we have knowledgeable community bankers who you personally know and trust. Our experienced team is always available and we stand ready to assist you at all times with any of your questions or concerns.
- As a community bank, we take pride in our relationship-based business model focused on building long-term trust with our customers. After all, we live your community too, and your success is our success.
- Nobody has ever lost a dime of FDIC-insured deposits, in its 88-year history, up to $250,000. The government is stepping in to make sure all deposits are covered and available ASAP, even those not covered by FDIC insurance are being guaranteed.
If you have accounts with SVB, please see this link.
It’s important to note, the FDIC is enabled to complete its resolution of SVB in a manner that fully protects all depositors. NO LOSSES ASSOCIATED WITH THE RESOLUTION OF SVB WILL BE BORNE BY THE TAXPAYER.
If you have any concerns about your safety of your deposits, contact us.