Date: March 17, 2023
To the Stakeholders of Idaho First Bank –
Most of you have heard or read the news stories from the past few days about Silicon Valley Bank (SVB) and Signature Bank both being seized by the FDIC. Although the news seems to be slowing since the first of the week, when events like this take place many people wonder what it means for their bank. I want to take a few lines to explain why the Idaho First Bank story is different from those banks currently in the headlines.
As a bank focused on People First and Community First, we strive to put deposit balances to work in our local economies by making loans to businesses and consumers. That is how we help businesses grow and create jobs, and how we support overall economic growth. Investment and lending decisions we make will continue to support our business model, support our customers, and enhance our communities. We have built a customer base diversified across markets and industries, and put a greater share of our customers deposits to work making loans; key factors that differ from the troubled banks making headlines today.
A federally insured local bank where your money is invested back into your community not only helps the local economy grow, but it is also a safe place for your money. We are accessible and ready to have a conversation about any banking topic so if you have questions we encourage you to give us a call.
Thank you for your business. We are honored to be your bank of choice.
CEO | Idaho First Bank