Due to the current banking climate, do I have anything to be concerned with regarding SSB? 

Talks of interest rates, the stock market and other financial headlines may be on your mind, or at the very least, filling your news feed.  SSB would like to take this time to address some of these concerns especially in the news of Silicon Valley Bank Collapse this past Friday (March 10, 2023).


SSB Bank FAQ

I SAW THAT SILICON VALLEY BANK FAILED ON FRIDAY.  DOES SSB HAVE ANY SIMILARITIES TO THAT BANK?

SSB is a small/intermediate Bank that serves the community in Pittsburgh. SVB served a large industry of tech start-up companies, which is a "concentration". SSB does not have any concentrations.

IS SSB INSURED BY THE FDIC?

Yes, SSB is insured by the FDIC.

DOES SSB HAVE FIXED INCOME SECURITIES SIMILAR TO SILICON VALLEY BANK?

SSB has less than 5% of its’ investments  in those types of instruments. SSB is a true community lender and so most of its assets are in loans that are priced with the market.

WITH RISING INTEREST RATES, HOW DOES SSB PROVIDE STABLE FINANCIALS?

SSB has been raising rates on Checking, Savings, and Certificate of Deposit accounts in concert with the Federal Reserve Bank's FOMC meetings. Many large and regional banks have continued to have low interest rates on the same deposit accounts. SSB also prices loans with the current market and also has diversified product offerings by processing merchant payments to increase non-interest income. SSB is also required to stress earnings as well as the entire balance sheet each quarter. Those results have been very satisfactory for many years.

DOES SSB HAVE ANY RISKY ASSETS OR CRYPTOCURRENCY ON THE BALANCE SHEET?

No.

DOES SSB HAVE THE ABILITY TO MEET THE NEEDS OF THEIR DEPOSITORS?

Yes.  Please click on the link below for more information from the Federal Reserve Board.

Federal Reserve Board - Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

Should you have any concerns as a current customer of SSB bank, please do not hesitate to contact us.