A message from our CEO regarding recent bank closures
Many of you are aware that the Silicon Valley Bank of Santa Clara, CA (SVB) was recently taken over by the FDIC. We wanted to reach out to assure you that:
- Union Bank and Trust has no banking affiliation or relationship with Silicon Valley Bank.
- The failure of Silicon Valley Bank has no direct impact on the operation of Union Bank and Trust.
On Friday, March 10, federal regulators took action to close SVB and seize control of its deposits. While the facts surrounding the failure of SVB are being gathered, reporting suggests that SVB’s struggles were somewhat unique and perhaps related to their significant concentration within the technology and venture capital space.
We can assure you that Union Bank and Trust remains a financially strong institution.
- Union Bank and Trust is financially diverse and has capital levels which place it within the highest regulatory capital category.
- Our liquidity position is significant and compares very favorably with that of our peers.
- Our deposit base is diversified geographically, and our individual and corporate customers operate across a wide variety of business sectors and industries.
Last week it was disclosed that Signature Bank of New York was also closed by regulators. The Federal Reserve, FDIC, and the Treasury department issued a joint statement announcing that depositors of both SVB and Signature Bank would be made whole and have access to the entirety of their funds.
The security of Union Bank and Trust and the confidence you place in it will always remain our top priority and we sincerely thank you for your relationship with us.
