The recent news of three bank failures has caused many headlines in all media outlets. “We want to assure you that INB is very different than the organizations that failed,” says Sarah Phalen, INB president and CEO. “We have always had a diversified deposit base and product set. We remain healthy, well capitalized and prepared to support our client’s needs.”
The organizations were concentrated on tech start-ups and/or Crypto-currency, Sarah continues. These tech companies and crypto companies suffered recently and were drawing down their cash (deposits at their bank) to fund operations. Because the banks were not well diversified, this industry downturn had a magnified effect on the bank’s cash position.
INB has a diverse and solid depositor base. We have a diverse and committed shareholder base, too, and we are very proficient at using FDIC insured strategies and products. Please use this link that explains FDIC insurance and how to maximize it. As always you can call us at 1-877-771-2316 or set up a time to meet.