Find Safety and Security with Lake Ridge Bank
With the news of some recent bank failures, we want to assure our clients and communities that Lake Ridge Bank remains well-capitalized and well positioned to continue to serve your financial needs. In fact, our bank’s recent merger (in which we brought together two strong community banks) has created one of the largest and strongest banks in Wisconsin). We are confident we have the team and plans to serve your financial needs safely and securely, today and in the future.
It is important to remember that Lake Ridge Bank is a COMMUNITY bank, unlike the banks that failed. Our bank is built on trusted relationships with clients looking for long-term success. Our experienced bankers understand both our local economies and our clients’ financial positions, allowing us to proactively help solve issues before they get out of hand. We live in your community as well, and your success is our success.
You may be wondering how Lake Ridge Bank is different from the banks in the news that are experiencing financial issues, or why they experienced these issues. In short, this was a liquidity situation for both failed banks since due to their model of banking, they could no longer access additional funds. Silicon Valley Bank used short-term deposits to invest in long-term securities. The rise in interest rates caused an interest rate squeeze they could not overcome. The failed banks grew extremely quickly and singular focus. Again, this is not how Lake Ridge Bank operates. They also relied on deposits from non-local sources, unlike our bank’s controlled growth using core deposits.
It is important to understand that Lake Ridge Bank has a diverse client base for both our loans, and importantly, our deposits. Our bank’s model of community banking takes in deposits locally and lends these funds to local clients. It is a very different model from the banks we are reading about in the news because of the strong relationships and trust we develop.
We understand you may be concerned about your deposits given the events of the past few days. To help alleviate your concerns, please remember:
- Lake Ridge Bank is well-capitalized, well above all required levels, and currently has access to nearly $1 billion in additional liquidity sources to protect our depositors and bank overall.
- The loan portfolio of our bank is strong, with low levels of delinquencies and a loan loss reserve built to protect the bank.
- The large majority of our deposits are fully-insured with basic FDIC insurance, and many of the other depositors have other sources to protect them.
In other words, the funds you hold at our bank are covered by the FDIC, up to $250,000. Additional insurance coverage is available — our bankers can help you determine if this is right for you. If you have questions about your FDIC coverage or whether you need additional insurance coverage for your deposits or would just like to learn more about FDIC insurance and how it works, we encourage you to check out the resources listed below.
You can also call your banker directly, or our Customer Support team at (608) 223-3000.
We appreciate the opportunity to serve your banking needs and are here to assist you through any uncertainties that may arise as we know that together, we’ll go far.