By this time everyone has heard about the recent failures of Silicon Valley Bank in California and Signature Bank in New York. We want to assure everyone that your independent, local community banks remain sound and continue to be a safe and secure place for your deposits.
As community banks, our business model is considerably different than either of these banks. We gather deposits from our customers within our local markets and then lend those deposits back to both our local businesses to help support their operations, and to local individuals to purchase homes, buy cars or recreational vehicles, etc. This type of banking activity leads to a much lower overall risk profile for community banks. Further, your local community banks are all well capitalized, have sufficient liquidity available to meet our operational needs, and have the best loan quality and highest loan reserves in decades. All of us are well positioned for whatever economic headwinds come our way. All your local community banks have a four or five star rating from Bauer, an independent bank rating agency, with five being the highest possible rating. Your deposits remain safe and secure with any of our banks.
If you have any concerns at all, please reach out to your bank and speak directly with them to get all your questions answered and any concerns addressed.
Contact Information:
First National Bank & Trust at (906) 774-2200 or (877) 803-1814 and at www.fnbimk.com
First Bank at (906) 774-7900 or (877) 441-4042 and at www.first-bank.com/Iron-Mountain
The Miners State Bank at (906) 265-5131 and at www.TheMinersStateBank.com
Northern Interstate Bank at (906) 563-9233 and at www.banknib.com
Range Bank at (906) 776-0902 or (877) 441-4042 and at www.rangebank.com
The Stephenson National Bank & Trust at (800) 924-1732 and at www.snbt.com
Upper Peninsula State Bank at (888) 865-2265 and at www.upstatebank.net
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