A message from Mike Toth, Westfield Bank Chairman, CEO, & President
I recognize that learning about the recent bank failures can be scary, confusing, and cause for concern, especially with many conflicting messages in the media. Everyone at Westfield Bank is committed to ensuring the success of your financial relationship with us. As a result, I wanted to take a moment to address this situation and provide assurance about the strength of Westfield Bank.
On Friday, March 10, 2023, The California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and named the FDIC as receiver. In addition, two other financial institutions in the US, Silvergate and Signature Bank, were closed. Since then, the Federal Reserve, Office of the Comptroller of Currency (OCC), and Treasury issued a joint statement assuring all customers of these banks that their deposits would be fully protected. However, these bank closures have created significant media attention, which has influenced the stock prices of publicly traded banks and spooked bank clients coast-to-coast.
Westfield Bank is a strong and healthy community bank. With assets over $2.1 billion, we are one of the largest community banks in the state of Ohio. For 13 ½ years we have received the highest rating possible, a 5-star rating, from Bauer Financial, an independent bank rating agency. Additionally, as a privately owned bank, we are not subject to the stock price fluctuations commonly reported in the media. We have a long history of safe lending and management of our balance sheet. Unlike some of the failed institutions, we have significant sources of liquidity to ensure that we are ready to serve our clients today and in the future. To learn more about the health of Westfield Bank, review our 2022 annual report.
Our financial health, stability, and commitment to our community make us more resolute than ever to be there for you during these times of confusion and volatility. You can reach out to any member of our bank team with any questions you have. Thank you for entrusting us as your financial partner. We’re ready to serve you today and tomorrow!