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). Founded in 1983, SVB provided financing for almost half of US venture-backed technology and is familiar to many New Englanders for its 2021 purchase of Boston Private Bank.
It is important for you to know that this news, while unsettling, bears no impact on The Cooperative Bank of Cape Cod and most importantly, your deposits. The business model of SVB was strikingly different from how we have operated here at The Coop for more than 100 years.
The Coop is a 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 have always and will continue to provide a safe and reliable place for our friends, neighbors and community members to bank.
You have extra deposit protection at The Coop.
The Cooperative Bank of Cape Cod 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.
The DIF is a Massachusetts-based fund that covers savings and co-operative banks in Massachusetts, including The Cooperative Bank of Cape Cod. You can rest easy knowing your deposits are fully covered because there is no safer place for your money than in a bank like The Coop. No depositor has ever lost a penny in a bank insured by both the FDIC and DIF.
For information on how the FDIC and DIF insurances work together, watch the video below or visit our FDIC & DIF webpage: https://www.thecooperativebankofcapecod.com/resources/fdic-and-dif/.
Deposits at The Coop are 100% insured
Click here to view an accessible transcript
Committed to you.
Since 1921, The Coop has maintained an unwavering focus on operating with sound values and conscientious attention to ensure the safety of our clients’ funds. The success of our mission to serve your needs and to protect what you have worked hard to earn is evidenced by our Superior 5 Star Rating from Bauer Financial.
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.