03/13/2023: Wisconsin Banks are Safe, Sound & Resilient
“The banking system overall and Wisconsin banks are safe, sound, and resilient. This situation is truly idiosyncratic to Silicon Valley Bank.” The preceeding quote is from Rose Oswald Poels of the Wisconsin Banker’s Association in reference to the failure of Silicon Valley Bank (SVB). SVB in California was heavily connected to the tech sector-both on the loan and deposit side-it was not well diversified. Less than 10% of its deposits were insured as they were very large deposits (largely from venture capitalists). In addition SVB grew from $50 billion to $200 billion in the span of 18 months. According to Oswald Poels, “This is a stark difference from Wisconsin banks of all sizes, which are much more diversified across different business and personal sectors.”
“Bank of Mauston is well capitalized and our customer base is very diversified”, stated Bank of Mauston President Michael Lindert. “We are proud to be a stable, strong, midwestern community bank. If any customers have any concerns, we encourage you to reach out to your favorite banker.” You can also visit the FDIC website for more information on Deposit Insurance. Links can be found on our Consumer Alerts Page.