Needham Bank and our Rock-Solid Financial Position
The recent news about Silicon Valley Bank and Signature Bank has been disruptive to many businesses and consumers throughout the US as well as our local communities. Any bank failure naturally raises questions about the banking system, and we would like to assure you that Needham Bank is strong, profitable, well-capitalized and remains a safe haven for our depositors and borrowers. We’ve been serving communities in Greater Boston and Metrowest for over 130 years and have managed the Bank to be nimble and future-ready through a variety of economic cycles. This means that we have a diversified loan portfolio that is not overly dependent on any particular industry segment and that we are responsible stewards of our depositors’ funds.
In addition, Needham Bank purchases extra insurance so that all deposits and our depositors are insured in full. The first $250,000 of deposits are insured by the Federal Deposit Insurance Corporation (FDIC) with amounts over that insured by the Depositors Insurance Fund (DIF). The Depositors Insurance Fund is a private fund supported by Massachusetts banks, and no depositor has ever lost a penny at banks that are insured by the FDIC and the DIF.
We recognize that this is an unsettled time and we are eager to answer questions and help in any way we can. If you have questions or concerns, please contact us.
Joseph P. Campanelli
Chairman, President and CEO