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. 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, visit our website, https://www.thecooperativebankofcapecod.com/resources/fdic-and-dif/.