Considering the recent news about certain banks, we wanted to reach out and assure you that your bank, S&T Bank, is safe, sound and prepared to handle whatever comes next.
As you may be aware, on Friday, March 10, a large bank in California failed, then on Sunday, March 12, 2023, a large bank in New York also failed. In response to these two failures, the FDIC took swift action and announced all depositors of both failed banks would have access to their funds on Monday. Additionally, to calm the fear of all depositors, the Federal Reserve is actively supporting the entire banking system.
As for S&T, the 120-year history of safety and stability continues today. All S&T depositors have FDIC insurance of at least $250,000 or more, depending on how accounts are titled. If you have questions specific to your account titling and FDIC coverage, reach out to us, we have solutions.
Some additional S&T facts that may be helpful are:
- Our deposit base is strong and very well diversified. We have over 230,000 customers with no concentrations in technology or crypto related deposits.
- Our liquidity position remains very strong. Beyond our well diversified deposit base, we have borrowing availability at the Federal Reserve Bank and access to the brokered deposit market.
- Our securities portfolio is high-quality and stable, representing a relatively low percentage of total assets.
- Our capital position is strong with capital levels significantly higher than the regulatory requirements.
Know that all of us at S&T are here for you. S&T bankers want to have conversations and answer any questions you may have. Contact your banker today, visit your local branch or contact our Solution Center at 800.325.2265.
This link will provide you with useful FDIC information: stbank.com/fdic-resources/
We are here to help.
Sincerely,
Chris McComish, CEO David Antolik, President