In the past few days we’ve all seen numerous reports regarding the financial services sector. These reports have raised a few concerns and caused some to question things beyond the two banks in the news.
That said, I thought it important to let you know that there are notable differences between Gorham Savings Bank and the financial services companies currently in the spotlight:
- GSB has been around for more than 150 years, and withstood all the financial and economic challenges this country has faced;
- We are a well-capitalized financial institution with a very diverse customer base of consumers, and businesses from a wide range of industries;
- We have more than ample liquidity and access to significantly more through FHLB, the Federal Reserve and other sources;
- The vast majority of our deposits are within the limits covered by FDIC insurance;
- GSB has no dealings with either of the two banks referenced above and no related risk exposure.
As always, we thank you for choosing Gorham Savings Bank.
President & CEO