Dear Valued Customers:
As most of you have probably seen, news regarding banks has been hitting the headlines for the past several days. Last week, a few banks have failed or been taken over by regulators, most notably Silicon Valley Bank in California and Signature Bank in New York. These banks had a high concentration of customers in high-risk businesses, like technology start-up companies and crypto currency.
As a community bank, Superior National Bank’s business model is very different from either of these banks. Our customers are a diverse mix of consumer households, small businesses in a wide variety of industries, and municipal governments. We consciously monitor and manage concentrations in various business sectors to ensure we remain diversified, and we have no meaningful exposure to crypto currency businesses or technology start-ups.
Your deposits are covered by FDIC insurance up to applicable limits. To date, nobody has ever lost a dime of FDIC insured money. You can learn more about FDIC insurance by using the EDIE Calculator on the FDIC website. FDIC Calculator
In addition, SNB has again earned a 5-star Rating from Bauer Financial, the nation’s premier independent bank rating firm. Bauer independently rates all federally insured depository institutions, and a 5-star rating is the highest you can earn. The 5-star rating indicates that SNB is one of the strongest banks in the nation, excelling in such areas as profitability, loan quality, capital and much more.
Superior National Bank is a strong, well capitalized bank with over 130 years of experience navigating various financial times. We are conservative in nature and have multiple channels to maintain liquidity. As a community bank we have long established client relationships and will be here to service your financial needs now, and long into the future.
Thank you for placing your trust in Superior National Bank.
Michael R. Hauswirth