In recent days, the FDIC took control of deposits at California-based Silicon Valley Bank and New York-based Signature Bank. Banking experts, regulators, and state/federal agencies continue to emphasize the unique circumstances facing Silicon Valley Bank and Signature Bank. Each bank faced scenarios related investment strategies and customer concentrations that put unique pressures on their capitalization in a rising-rate environment.
The industry as a whole has become substantially more resilient over the last 10 to 15 years due in large part to a number of regulations aimed at protecting consumers and small businesses. In short, regulators require stronger and more conservative capital and risk profiles.
We are confident that Minnwest Bank remains a safe and sound institution for our customers. We serve customers across a variety of diverse industries, business models, and business types across the communities we serve. This diversification, along with a more diversified portfolio investment strategy, ensures a consistently strong capital position. As a community bank, Minnwest Bank remains well capitalized and well positioned to continue to serve our customers and community.
We take pride in our relationship-based business model focused on building long-term trust with our customers. After all, we live in your community too, and your success is our success.
We recognize that our customers may have questions about the security of their deposits and want to offer some timely context and important information.
We are here for you and available to talk through your specific needs now and in the future. We’re proud to serve the community and hold close relationships with many of its civic leaders, business owners, entrepreneurs, students, families, and community members.