Choice Bank Statement of Financial Position
As you are aware of the evolving situation with Silicon Valley Bank, we wanted to provide some information on Choice Bank’s financial position that will help answer questions you may have.
Choice Bank is a #PeopleFirst organization focused on bettering the places we live. We strive to provide access to banking and support economic growth in our local economies and through our fintech partners on a broader scale. Choice Bank focuses on deposit services for its fintech partners and does not participate in fintech lending activities.
As a privately held community bank, Choice remains well capitalized and well positioned to continue to serve our customers and community. Choice’s journey began more than 20 years ago and we look forward to continuing to serve our communities into the future.
Choice Bank’s Capital and Liquidity Position
We are a well-capitalized financial institution with capital levels exceeding regulatory standards. We have also positioned ourselves to have strong on-hand liquidity, access to alternative funding sources, and a diversified deposit base. We hold ourselves to a conservative policy to maintain our diversified deposit base with strict balance concentration thresholds.
Choice Bank’s Capacity for New Deposits
We have plenty of capacity and are in a good position to manage all incoming deposits. We welcome your deposits, and our teams are ready and available as always, to help determine the best options for managing your funds.
The FDIC announced on Sunday, March 12 that depositors of both Silicon Valley Bank and Signature Bank of New York, will have access to 100% of funds held at these institutions.
Deposits held at Choice are insured up to $250,000, as published by the FDIC and allowed under applicable law and regulations. In some cases, you may be eligible for additional coverage. For more information, please contact your Choice Banker to discuss what options may exist.
You can also learn more about FDIC insurance and how it works, through the helpful links below, or by contacting us directly.
We are here to serve you and our communities
One of our core values is to better the places we live, and one of the best ways we can do this is by supporting our local businesses. As a customer of Choice, you have access to our experienced team, and we stand ready to always assist you with any of your questions or concerns. We take pride in building long-term relationships and helping our customers succeed.