With the recent news around Silicon Valley Bank (SVB) and Signature Bank, we want to ensure you that this does not reflect in any way on Benton State Bank. We remain well capitalized and have taken vastly different strategies compared to these two banks.
SVB and Signature Bank are very large institutions that had heavy investment from venture capital firms. Both banks also focused on specific industries like Tech startup and Crypto. These industries have been affected by the recent economic uncertainty. SVB was forced to realize billions of dollars in losses on its bond portfolio. Benton State Bank’s portfolio remains well diversified and has strong liquidity.
In Benton State Bank’s 128-year history, we have seen market downturns, recessions, and interest rate uncertainty. During these times, we continued to support our customers and provide a secure place to deposit and borrow funds. We use these uncertain times to learn and become an ever-stronger financial institution that can serve you for years to come. We promise that we will continue offering you the best possible customer service.
If you have any further concerns feel free to give us a call at 608-759-3600.
President & CEO
Benton State Bank