March 21, 2023
The recent failures of Silicon Valley Bank and Signature Bank have caused significant ripples throughout the financial industry causing confusion and concern among bank customers. As President and CEO of Arundel Federal Savings Bank, I wanted to reassure our customers as to the financial health, safety and strength of Arundel Federal.
Amid the recent bank closures in the news, the health of Arundel Federal is strong. We are well-capitalized, more than double the regulators required amount thanks to our history of risk-adverse practices. As a 117-year-old Maryland-focused community bank, Arundel Federal operates much more conservatively than the out-of-state banks that failed. As a community bank, we invest heavily in our customers, financing loans through hard-earned deposits. We are a mutual bank built to serve our local communities and have no stockholders; depositors are our owners. We’re transparent - customers and potential customers can view our financial statements on our website at any time where you can see that mortgage-backed securities make up only a small portion of our investments. We are FDIC insured which means deposit accounts are protected for $250,000 per person, per account category.
Mostly, we are here to help and put your mind at ease during this unsettling time. Our branch bankers are available to help customers, and non-customers, review their account titling and account balances verifying their insured amounts with the FDIC whether they bank with us or someone else. Customers and the public can contact a branch directly, call our receptionist at 410-768-7800 during regular business hours or email us.
In good times and challenging times, as always, we remain open for business.
Thank you for trusting us to serve you and your family.
