March 18, 2020
Dear Valued Customer:
The Coronavirus (COVID-19) public health emergency is unprecedented in our time. To date, the governmental response at both the federal, state, and local level has been nothing short of extraordinary as our elected officials and medical community work collectively to protect the health and well-being of all Americans. While our governmental and private sector response is still evolving, I wanted to provide some perspective on the financial health of the U.S. banking industry, and specifically the financial health of Taylor Bank.
As a result of the Great Recession and financial panic of 2008 and 2009, the “twenty tens” constituted the most challenging and transformational period our industry has experienced in modern times. With the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, our industry underwent transformation on an epic scale, marked by new regulations intended to decrease systemic risk to our domestic and global financial system. As a result of these sweeping changes, the banking industry is perhaps the best prepared it has ever been in our nation’s history to withstand another “shock” to our global and domestic economy and financial system. Today, U.S. banks are very well-capitalized, liquid, and ready to meet the challenges this new crisis may present in the coming days, weeks, and months.
At Taylor Bank the story is no different. We remain highly-capitalized, with three times the minimum capital to be considered adequately capitalized by our regulators. The Bank is highly-liquid, profitable, and ready to meet the banking needs of our customers and communities as necessary. We have been independently rated a Five-Star bank for safety, soundness, and security by Bauer Financial for 118 consecutive quarters.
Recently, some customers have inquired about access to banking services, and FDIC deposit insurance limits. Customers are reminded that your deposits remain insured under the standard deposit insurance coverage limit: $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank. Therefore, customers are reminded that the safest place to keep your deposits is in the Bank. For more information on FDIC insurance limits, I encourage you to visit www.FDIC.gov, or contact your local Taylor Bank branch.
Regarding access to banking services, Taylor Bank is required to maintain business continuity during any time of emergency or crisis, and provide customers with access to their deposits and other banking services. We have plans in place, and have already begun to implement portions of those plans as the Coronavirus (COVID-19) public health emergency continues to evolve. We are committed to protecting and supporting our employees, our customers, and our communities during this period, and as our tagline states, we’re “Always Here. For Good”.
Should you have any questions, or require more information regarding our business continuity planning, please contact your local Taylor Bank branch, or contact me at 410-641-1700, or by email at email@example.com.
Raymond M. Thompson
President and CEO