Dear Valued Customers,
With the recent news and ongoing discussion regarding the collapse of Silicon Valley Bank (SVB) and Signature Bank, I want to assure you that PromiseOne Bank remains financially sound, and your deposits here are safe and sound.
Below is a list of attributes supporting PromiseOne’s health and operations.
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- PromiseOne maintains ratios well above the FDIC’s “well-capitalized” designation. *
- We have adequate sources and access to liquidity.
- Our loan quality is strong and not concentrated in one specific sector of the economy.
- PromiseOne Bank makes it easier to manage large business deposits with CDARS**, the Certificate of Deposit Account Registry Service.
We are continually monitoring the financial health and condition of the banking industry, and the recent failures have not impacted PromiseOne Bank.
We are open for business to make loans, accept deposits and meet all your other banking needs.
*What does it mean when a bank says it is FDIC-insured?
Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank-It’s how the FDIC protects your money in the unlikely event of bank failure. The standard insurance amount is $250,000 per depositor, per insured bank for each account ownership category. (Updated by FDIC March 1, 2023)
Understanding the FDIC Insurance
**How Does CDARS Work?
Institutions, like ours, that offer CDARS are members of the IntraFi network. When we place your funds through the CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed into CDs at multiple banks. As a result, you can access coverage from many institutions while working directly with just one. You receive one regular statement from our bank and as always, your confidential information is protected.
Thank you for your business and your trust in PromiseOne Bank.
Sincerely,
Sean (Dong Jun) Kim
CEO & President
PromiseOne Bank
