With the recent news about the failures of Silicon Valley Bank in California and Signature Bank in New York, we want to reassure you that West Bank remains a strong and well-capitalized bank.
The American banking system remains sound, and President Biden has announced that the FDIC will cover all uninsured deposits of the two failed banks, ensuring that no depositor will lose any money.
Both of the failed banks had a high-risk business model. Silicon Valley Bank concentrated solely on technology companies and tech start-ups, while Signature Bank had a significant portion of their deposits held in cryptocurrency.
West Bank uses a steady, relationship-based business model that is focused on building long-term trust with our customers. Our capital position remains strong and we do not hold any deposits in cryptocurrency. West Bank regularly receives national recognition for financial performance, including being named a top community bank by industry analyst, Raymond James.
As a strong community bank, West Bank is committed to providing you with safe and secure banking services. We value your trust and are committed to upholding our promise to protect your funds.
As a community bank customer, you have access to our experienced team, and we stand ready to assist you at all times with any of your questions or concerns.
If you have questions please contact your West Bank banker directly, call us at 1-800-810-2301 or contact us here.
FDIC Insurance Resources
FDIC Video Tutorial: https://www.westbankstrong.com/fdic-coverage
Understanding Deposit Insurance: https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html
Deposit Insurance FAQs: https://www.fdic.gov/resources/deposit-insurance/faq/index.html