Following this month’s stunning collapse of two banks, bankers across the U.S. are trying to reassure customers their finances are secure in their institutions.
Silicon Valley Bank, the 16th largest bank in the U.S., closed its doors on March 10 followed two days later by Signature Bank. Both institutions catered to the technology industry.
The sudden closures prompted Treasury Secretary Janet Yellen to assure lawmakers on Thursday that the U.S. banking system “remains sound” and Americans should “feel confident” that their deposits are secure.
In a move to address any concerns, Fulton Financial Corporation Chairman and CEO Curtis J. Myers issued a statement to stakeholders posted on the company website.
“The historic events occurring at specific U.S. banks in the last few days was certainly unexpected news,” he said. “Banking is based on trust, and your trust is a responsibility I and all 3,300 Fulton employees strive to earn every day. Today, I want to assure you that Fulton Bank remains a stable financial institution, now and like it has for the last 140 years.”
Steve Trapnell, corporate communications manager at Fultan Bank, said it “remains a stable banking institution and continues to be well capitalized and have a transparent, diversified and prudent investment portfolio.”
Only 34 percent of its deposits are uninsured, which Trapnell said is well below the industry average. “This is indicative of our diversified, granular deposit base,” he said.
Myers said in his statement that “as a strong community bank, we hold deposits locally and lend locally. Fulton Bank continues to be well capitalized and has a diversified customer base and an appropriate investment portfolio. Our customer base remains strong and stable, with over 500,000 households served in our five-state footprint.”
Trapnell said that by communicating directly with customers, Fulton has helped keep them informed about the situation.
“We are experiencing a normal call volume,” he added.
