Local Banks in Strong Shape

Tuesday March 21, 2023

REGIONAL – As the federal and state government take steps to protect regional banks from the current crisis, North Shore banks issued statements to reassure depositors that all is well.
“With unsettling financial headlines dominating the news recently, I want to assure you that the Institution for Savings is stable, secure, and well positioned to continue providing you with the best banking products and services as we have for more than 200 years,” said Michael Jones, president of the bank.
“Our prudent loan underwriting and responsible business model are considerably different than those of the institutions in the news. We are one of the oldest and most stable mutual banks in the country and our commitment to you, our depositors, has never wavered,” he said.
Lloyd Hamm, president & CEO of Newburyport Bank, which dates back to 1854 when it served the shipbuilding industry, said, “the premier full-service community bank in the Greater Seacoast Region continues to be a beacon of financial strength and stability.”
The bank’s assets, which totaled more than $1.5 billion, grew by 19 percent. “Deposit and loan growth are strong. Newburyport Bank’s excellent credit quality and capital position remain rock solid and amongst the best in the industry,” Hamm said.
Gov. Maura Healey said her administration has “confidence in the strength of our regional banks and banking operations.”
Hamm and Jones said their depositors are insured up to $250,000. If deposits total more than that, they are insured by the Depositors Insurance Fund. They agreed that no depositor has ever lost a penny in a bank insured by both the FDIC and DIF.

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