Valued First Federal Customer,
I would like to take this opportunity to discuss recent events in the banking industry. You likely have seen news stories of the failure of Silicon Valley Bank and Signature Bank. News like that is unsettling to many of us and can cause understandable concern. I hope to ease any concerns you may have.
First, you should know that First Federal is a well-capitalized, sound financial institution. As a community bank, our business model is much different than the banks mentioned above. Those banks had unique exposure to tech start-ups, venture capital firms, and crypto companies. First Federal does not have exposure to any of those industries.
As a community bank, our focus continues to be on safeguarding customers’ deposits and lending to individuals and businesses in our communities. We have done this for the past 106 years and plan to continue serving our customers and communities for many years to come. Despite last week’s events, there is no place safer or more secure to keep your money than in a local, federally insured bank.
If you have deposits in First Federal of $250,000 or less, please know that your money is fully insured by the FDIC. No depositor has ever suffered a loss of FDIC-insured deposits. If you have more than $250,000 on deposit and would like to discuss options for structuring your accounts to maximize potential FDIC insurance or take advantage of other protections, please contact your account officer or branch. You can also contact our Customer Service Center at 208-733-4222.
Thank you for your continued trust in First Federal. It is truly our most valued asset. We look forward to continuing to serve your financial needs.
Jason Meyerhoeffer
President and CEO of First Federal Bank
