To our Valued Customers at Farmers State Bank,
In light of the recent news surrounding the closure of Silicon Valley Bank in California and Signature Bank in New York, Farmers State Bank would like to take this opportunity to reassure our customers and our communities that we are in a strong financial position and committed to continuing to serve the communities we are in.
While it is unfortunate to see any bank fail and to see depositors unsure about the safety of their deposits, situations like this provide an opportunity to reflect and take note of the lessons that can be learned from an occurrence like this.
Community banks operate in a completely different fashion in comparison to the nation’s largest banks. Community banks have always been focused on safety and soundness as part of their relationship business model. Farmers State Bank is no exception, as we value our relationship with each one of our customers. Financially, Farmers State Bank remains incredibly strong, evidenced by our strong capital and 5-star rating from Bauer Financial, a nationally recognized bank research firm.
As an institution that is FDIC insured, I would like to remind our customers that depending on the makeup of your account relationships with Farmers State Bank, it is possible to maintain FDIC insurance on your deposit relationship well in excess of $250,000. If you have any questions or concerns about your FDIC insurance coverage or would like to learn more about structuring your accounts to maximize your coverage, we invite you to stop in at any of our Farmers State Bank locations or give us a call at 217-285-5585.
In closing, Farmers State Bank values you as a customer and is committed to operating our bank in a safe and responsible manner. If you would like to better understand the financial strength of Farmers State Bank, I invite you to stop by my office at 108 E. Adams Street in Pittsfield or contact me directly at 217-285-1146.
As always, we value your continued support and the trust you have put in us. We look forward to continuing to serve you in the future.
Nevin Grigsby, President
Farmers State Bank