A Message from President and CEO Todd Nagel
You've likely seen the recent news about the failures of Silicon Valley Bank (SVB) and Signature Bank and may have some concerns.
I want to assure you that the business decisions that were made at these two banks are vastly different than the operating model and strategies we have at IncredibleBank. These failures are in no way indicative of a broader problem in banking.
SVB and Signature Bank were very large banks focused primarily on specific industries, like Crypto and Tech startups that were funded by venture capital firms. Success in these industries by nature is unknown and therefore risky if banks rely on them as the majority of their customer base. Think of your own investments – you wouldn’t trust a financial advisor that told you to put all your money in one stock.
IncredibleBank, like other strong community banks, focuses on the diversification of our customer base. We don’t rely on one or two niche business types, rather we focus on working with customers in a variety of industries and communities.
Overall, IncredibleBank is well capitalized with a healthy diversified portfolio of deposits and investments. We also have strong liquidity, meaning we have a healthy balance of loans and deposits. Since 1967 we’ve been through high-rate environments, the Great Recession, and volatile markets. We continue to learn and grow stronger through each challenge and are well positioned for growth as we move into the future.
Our promise to you is an Incredible Customer ExperienceSM, or ICE, with every interaction. This does not just mean we provide good service when we are face-to-face. It means we consider the customer impact in every decision we make.
If you have further concerns and want to talk, we are here. Reach out to your banker or schedule an appointment.
Thank you for your continued support and trust.