Mar 14, 2023
Recent news about Silicon Valley Bank and Signature Bank in New York may raise some questions. We wanted to provide you with some brief information about the situation and reassure you that Buckeye Community Bank is not impacted.
The news is not reflective of the entire banking industry or Buckeye Community Bank.
Buckeye continues to be a strong-performing community bank. We are committed to providing innovative financial solutions that are convenient, reliable, and secure to the local business community.
What Happened?
Silicon Valley Bank recently reported declines in deposits, funding, and investments. As a result, many tech and start-up companies rushed to withdraw money from the bank. The Federal Deposit Insurance Corporation (FDIC) placed the bank under receivership days later.
Over the weekend, federal officials took control of Signature Bank in New York. News reports say the decision was made after the bank was negatively impacted by its cryptocurrency exposure.
Our Local Focus is Stable and Strong
Since Buckeye operates independently with a separate business model, risk management strategies, and diversified clientele, we are not affected by other banks.
According to reports, there needed to be more diversity in the clientele of distressed banks. As a result of the banks' approach to serving niche sectors, the banks became more vulnerable and had more difficulty managing the past year's aggressive interest rate hikes.
Buckeye's mission remains unchanged. Our community bank remains well-capitalized and positioned to continue serving our local customers. Diversification and soundness have always been important as part of our traditional relationship-based business model.
We remain committed to our founding mission of enabling local businesses to make meaningful contributions to our community's economy and quality of life by providing them with the financial resources and services they need to succeed.
Due to our deep knowledge of our clients and communities, we are proud to be an integral partner for our clients by making local, common-sense business financing decisions.
We're excited to continue supporting the growth of our clients and our community. Please feel free to contact us if you have any questions about your Buckeye account.
