A Message From Our President, Glenn Hutchinson
You may have heard reports of two bank failures over the weekend: Silicon Valley Bank (SVB) in California and Signature Bank in New York. I want to assure you that, as always, your funds are safe at Bath Savings. The banks that failed were dependent on particularly risky products: technology start-ups and cryptocurrency. Federal regulators stepped in to close the banks, and assured the public that all deposits will be protected by the FDIC.
Bath Savings Institution is a local mutual community bank. We are extremely well capitalized (12% capital) with 10 local offices, just over $1 billion of deposits, and well diversified loan portfolios. We know our customers, and we loan funds to our neighbors who live and work in the communities we serve. We are conservative in our lending and have absolutely no exposure to cryptocurrency or other risky assets.
Bath Savings Institution is among the safest banking organizations in the country. In fact, the bank has once again earned the top 5-Star Superior rating from Bauer Financial (www.bauerfinancial.com) – a distinction that can be claimed by fewer than 10% of the nation’s banks. Your deposits are insured by the FDIC and since its inception in 1933, no depositor has ever lost any insured deposits in this country. More importantly, you can trust that we are taking care of your funds and will ensure you have access to them when you need them.
We are always here for you – our customers and community – just as we have been for more than 170 years.