March 13, 2023
Dear Valued Customer:
The failure of Silicon Valley Bank (SVB) on Friday, March 10, 2023 and Signature Bank (SB) on Sunday, March 12, 2023 has received significant national media coverage. While the news is unsettling, the closure of these banks is not indicative of any evolving weakness in the U.S. banking industry. Since Sunday afternoon, Federal banking regulators have acted quickly to reassure bank customers, and instill confidence in the health of the U.S. banking system, which remains strong. With this as a backdrop, I want to provide some perspective as to the health and strength of Taylor Bank.
Taylor Bank has been widely recognized as a top performing community bank for 133 years. We remain highly-capitalized, with two times the minimum capital to be considered well-capitalized by our regulators. We are a conservatively operated, safe and sound bank that is highly profitable and liquid, and ready to meet loan and deposit needs of the local communities we serve. We have been independently rated a Five-Star bank for safety, soundness, and security by Bauer Financial for 130 consecutive quarters.
Customers are reminded that your deposits remain insured under the standard deposit insurance coverage limit of $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.
Should you have any questions, or require more information regarding this recent development, please contact your local Taylor Bank branch, or contact me at 410-641-1700, or by email at rthompson@taylorbank.com.
Sincerely,
Raymond M. Thompson
President and CEO
