How could this happen? Can it happen in my local bank? Is my money safe? What should I do to protect my financial future?
These questions and many more are swirling as media reports continue to come out about the recent failures of Silicon Valley Bank in California, and Signature Bank in New York City. The truth is, there are still a lot of unknowns about what caused those banks to fail so suddenly, and much will be uncovered as investigations continue. However, what we are confident in, is that the people in our communities that keep their money with local, trusted banks, are in good hands.
1st Source Bank and other community banks in this area have a few things in common. We are from the communities we serve and carry with us the values that make our communities great places to live, work, and thrive. We have diverse portfolios without large exposures to high-risk, niche industries such as Silicon Valley and Signature had large portfolios of tech and crypto start-ups. We tend to operate conservatively, and we keep Midwestern values at the core of our decision-making. We’re local, not just in our physical locations, but also with the people we employ and the businesses, governmental units, and non-profit organizations we support. Our decisions are made knowing the people we affect are neighbors, coworkers, classmates, teammates, and friends. We keep their best interests in mind for the long term which makes them and our communities stronger.
As a community-focused bank that also happens to be publicly traded, 1st Source Bank is in a unique position because our finances are made public for everyone to see each quarter. This reporting allows for transparency that is extremely important in today’s conversations and is very important to us for all the reasons outlined above.
If you’re concerned about your banking situation, it’s best to do your research and understand what your bank is reporting, and even more importantly, what it’s not willing to share. Information about 1st Source Bank's financial condition can be found at www.1stsource.com. If your bank is lacking transparency, then you should question why.
Community banks are a reflection of the communities we serve. We share the common goal of seeing our communities do well and know the value of making business decisions that support that goal. We live, work, do business, raise families, and worship here too, so we have many reasons to protect these places and the lives we’ve collectively built here.
