Richwood Bank is not part of this story or headline. We cannot stress enough the importance of understanding the community banking model of serving our customers and communities. We’d like to point out the key differences of Richwood Bank.
Points to know:
- Our deposits are primarily derived from the local communities where we operate, reside, and offer support. These local deposits serve as a crucial source of funding that facilitates the protection, inspiration, and celebration of local businesses.
- Richwood Bank remains well capitalized and well positioned to continue to serve our customers and community. We were chartered more than 155 years ago and expect to serve this community for generations to come.
- We have no involvement with cryptocurrency or cryptocurrency stock.
- As a community bank, we take pride in our relationship-based business model focused on building long-term trust with our customers. After all, we live in your community too, and your success is our success.
- SVB was not well positioned from a risk perspective to handle the rapidly rising rate environment we’re currently experiencing. Richwood Bank considers our future carefully and conservatively, giving ourselves the flexibility to weather financial disruptions.
- As active members in our larger community banking collectives, we strive to ensure community banks are well-represented with policymakers and regulators and accurately characterized in the media, to differentiate community banks from other financial institutions.
- We’re prepared for the long game and always have been. Richwood Bank has weathered the great depression, the farm crisis, the 2008 recession and will continue to serve the communities we call home.