Message from the President
A Tough Economy and Webster Five is Standing Strong
A Tough Economy and Webster Five is Standing Strong
For more than a year, the domestic and global financial industries have been under extreme duress due to unsound subprime lending and
unregulated markets. As a result, many of the nation’s major financial institutions have frozen lending, have gone out of business, or have
required government intervention to rescue them from bankruptcy.
The result of this economic crisis will take time to overcome however there are some important things I would like to share with you about the banking industry in 2009. There are about 8,500 banks in the United States, 70 percent of which are non-traded banks, privately held banks, or mutual banks. The Federal Deposit Insurance Corporation (FDIC), which temporarily increased its insurance to $250,000, has issued a very strong rating to 95 percent of these banks, Webster Five being one of them.
Relative to Webster Five, we envision 2009 as a year of continued growth and performance. With that in mind, we will continue to provide the financial products and outstanding personal service that will help our customers remain financially sound. As a community bank, we understand the challenges in the economy and how they affect our customers and community, so in good times and bad we are the partner you can trust.
Additionally, our customers can feel confident knowing that their deposits are fully insured, without limit. Not only are we protected by the FDIC, but we also are insured for all deposits above the FDIC limit of $250,000 through the Depositors Insurance Fund (DIF).
Webster Five is dedicated to providing you stability and protection even in the hardest of times. We are committed to you now more than ever and we are here for all your deposit, lending, and banking needs. We’re Different. And Better. Believe it.
The result of this economic crisis will take time to overcome however there are some important things I would like to share with you about the banking industry in 2009. There are about 8,500 banks in the United States, 70 percent of which are non-traded banks, privately held banks, or mutual banks. The Federal Deposit Insurance Corporation (FDIC), which temporarily increased its insurance to $250,000, has issued a very strong rating to 95 percent of these banks, Webster Five being one of them.
Relative to Webster Five, we envision 2009 as a year of continued growth and performance. With that in mind, we will continue to provide the financial products and outstanding personal service that will help our customers remain financially sound. As a community bank, we understand the challenges in the economy and how they affect our customers and community, so in good times and bad we are the partner you can trust.
Additionally, our customers can feel confident knowing that their deposits are fully insured, without limit. Not only are we protected by the FDIC, but we also are insured for all deposits above the FDIC limit of $250,000 through the Depositors Insurance Fund (DIF).
Webster Five is dedicated to providing you stability and protection even in the hardest of times. We are committed to you now more than ever and we are here for all your deposit, lending, and banking needs. We’re Different. And Better. Believe it.
