Dear Valued Sawyer Savings Bank Customers,
Sawyer Savings Bank has been monitoring very closely the situation unfolding with Silicon Valley Bank (SVB) and Signature Bank. Our operations are distinctly different than SVB and Signature Bank, making our financial health more resistant to volatility. We are a community bank with a capital position double the amount required by financial regulators. Sawyer Savings manages its finances and risk in a more traditional and conservative manner keeping your deposits safe.
As a community bank:
- Sawyer Savings Bank remains well-capitalized and well-positioned to continue to serve our customers and community. We were chartered over 150 years ago and expect to serve this community for generations to come.
- You have access to our experienced team, and we stand ready to assist you with any of your questions or concerns.
- We take pride in our relationship-based business model that focuses on building long-term trust with our customers. After all, we live in your community and your success is our success.
- Your deposits are FDIC-insured up to $250,000 (depending on your account titling structure, you may be covered above this limit). For customers who have questions about their FDIC Insurance coverage, we are ready and prepared to assist you to ensure your deposit insurance needs are met.
If you have questions about your coverage, or would like to learn more about FDIC insurance and how it works, we encourage you to call us directly or access the following resources:
Sawyer Savings Bank customers and the public should also be aware that scammers have already begun trying to alarm consumers. The scammers are claiming that a bank is under Federal Bureau of Investigation (FBI) review and the person needs to take out their cash from their bank or risk losing it. If you receive this call, please hang up and call us at 888-772-1871.
Through pandemics, recessions, and World Wars, we have applied diligence and responsibility in everything we do. Our doors are open, as they have been for over 150 years. If you or someone you know has been negatively affected by the recent crisis or are simply looking for safety and security, we welcome you to contact a member of the Sawyer Savings team at 888-772-1871.
Thank you for your continued support.