Deposits Insured in Full at Everett Bank
Deposits Insured in Full at Everett Bank
On Friday March 10, 2023, California based Silicon Valley Bank (SVB) was closed by state regulators and placed into receivership with the Federal Depositors Insurance Corporation (FDIC). SVB was more of a niche Bank providing financing for many venture capital-backed technology start-ups and invested heavily in bonds and bond funds. This type of banking is not the traditional model which we at Everett Bank have practiced during our 100 plus year history and continue to practice to this day. We invest primarily in you, our customers and in our communities.
Everett Bank is a strong, well-capitalized, financially sound, community bank with a diversified asset base, managed by an expert and experienced team of banking executives and dedicated board members. We take pride in the fact that we provide a safe and reliable place for our customers, neighbors and community members to bank.
Every penny that you deposit at Everett Bank is 100% Insured.
Everett Bank is a member of both the FDIC and the Depositors Insurance Fund (DIF), which means 100% of our clients’ deposits are insured in full, regardless of balance. By combining FDIC primary insurance and DIF excess deposit insurance, we are able to provide our depositors full insurance on all deposits.
Almost a century ago the Massachusetts Legislature formed the DIF to ensure that Massachusetts community bank customers were 100% insured. The DIF continues to covers savings banks and co-operative banks in Massachusetts, including Everett Bank. Take comfort in our assurance that your deposits are fully covered because there is no safer place for your money than DIF insured community banks like Everett Bank. Once again......"No depositor has ever lost a penny in a bank insured by both the FDIC and DIF”.
Our Promise to You
Since 1890, our Board of Directors and Management team at Everett Bank have operated this institution with a committed focus on operating with sound values and conscientious attention to ensuring the safety of our customers’ funds. Doing “Right by You”, our customers and our community, is not just a tag line, it has been, and always will be, our guiding principal.
My team and I remain steadfast in our commitment to you and to our community, and stand ready to serve you today and long into the future.
Should you have any questions, please call us during normal business hours, or stop by any branch location.
Best Regards,
President & CEO
Click below to contact us or call us at 617-387-1110.