A message from President, Mark Bodin
To our valued customers:
Like many of you, we at Savings Bank of Walpole were disappointed by the news of the failure of Silicon Valley Bank in California. In the wake of this incident, I want to assure you that Savings Bank of Walpole is stronger than ever, and the liquidity-driven issue that plagued Silicon Valley Bank is simply not an issue for your bank. In fact, our liquidity position is very strong — ranking near the top of our peer group of banks nationally.
Savings Bank of Walpole is a mutual bank, which means we are free of the short-term earnings demands of shareholders, venture capitalists, and other groups of owners. We are owned by our depositors and our community — and our earnings stay right here with our bank and our community.
As the Monadnock Region’s local bank, our business decisions and position of strength reflect the values and stability of our communities, not somebody else’s. We do not issue stock, so the whims of the market and investor groups have no bearing on our operations. We exist solely for the businesses, organizations, and families of our region, and will always be committed to banking practices that provide stability, growth opportunities, and safety for all of us.
Once again, I can state with confidence that your deposits are safe at Savings Bank of Walpole.
On behalf of all of us at SBW, I want you to know how much we appreciate your trust in our bank. We work hard to earn and maintain that trust and will continue to do so, just as Savings Bank of Walpole has for the past 148 years. We believe that banking with people you know and trust is a significant advantage for you — one that becomes even more apparent and important when an incident like the unfortunate Silicon Valley Bank failure occurs.
Thank you for your attention to this note — and once again, for choosing to do business with the Monadnock Region’s local community bank. I welcome you to contact us here at SBW with any questions you may have.
Sincerely,
Mark Bodin
President