As your trusted advisor, we want to share information about banking events that have occurred over the past week. Most importantly, we want to assure you that all deposits held at with Thomaston Savings Bank are safe and we continue to operate without interruption.
What happened? The Federal Deposit Insurance Corporation (FDIC) recently took control of assets and deposits held at two different banks; the second – and third-largest bank closures in our nation’s history. Both banks served highly specialized industries, including venture capital firms, technology startups, and cryptocurrency firms. Various risk associated with their business model was a leading factor in their failure.
Thomaston Savings Bank’s financial strength and stability means you can have confidence in our resilience to adverse market events. We do not serve the high-risk industries that these banks served. In addition to our long-standing tradition of serving individual members of our local communities, we serve business customers across a variety of diverse industries and business models. Our history of prudent lending and safe-and-sound risk management have served our community very well over the past 149 years and will continue to do so. Our strong capital position, diverse deposit base, ample liquidity, and experienced local leadership team enable us to withstand economic and market volatility.
All deposits with Thomaston Savings Bank are insured by the FDIC up to $250,000 per depositor per account ownership category. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost any FDIC insured funds. For more details on FDIC coverage, speak to a bank representative or visit our website.
Further, Thomaston Savings Bank has received the “Superior” 5-star rating by Bauer Financial, an independent rating agency, for 133 consecutive quarters. Bauer rates and recommends financial institutions based on their financial health and performance. For more information, visit the Bauer Financial website.
If you have any questions, please do not hesitate to visit your local branch, or call us at 855.344.1874. We welcome you to review our Annual Report, which includes detailed financials, by clicking here.
We are grateful for your continued trust in us.
Stephen L. Lewis