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IN the NEWS
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Banking Reality in Vermont: Safe, Sound and Serving their Communities
Montpelier, VT - Recently there have been many reports and headlines regarding various economic issues, including foreclosures, bank failures, and stock market turmoil. Most recently there have been news reports concerning IndyMac, a bank that failed in California. The headlines have been dramatic, but slightly misleading, which can make matters worse.
The Vermont Bankers Association would like to set the record straight. There is no need for Vermonters to panic or run to the bank and withdraw funds. Your deposits are quite safe and will be there for you as they have always been. The problems with IndyMac centered on aggressive mortgage loans made in California, a state experiencing some of the highest levels of foreclosure in the country. Vermont banks stayed away from those types of loans; we did not embrace the alternative mortgage products that have created the mess in states like Nevada, Florida, Arizona or Michigan. Vermont banks are responsible, trustworthy institutions that have and will continue to meet the needs of their customers and the communities they serve.
Your account with a bank doing business in Vermont is protected by FDIC insurance up to $250,000, with additional protection for joint accounts, and $250,000 for a retirement account. Your local banker can work with you to make sure you are insured for the maximum amount available under the FDIC program.
The FDIC insurance fund is very well capitalized with more than $52 billion in assets to protect consumer deposits. In addition, the banking industry across the country is highly capitalized at $1.36 trillion with an additional $120.9 billion held in reserves as a safeguard against possible losses.
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Montpelier, VT-Vermont banks do more for our money. They provide valuable financial support to community organizations, sponsor many volunteer hours of community work, bring new dollars to the Vermont economy, and keep our money safe and accessible at all times.
'From Little League to the big bands of the VSO, and a whole lot of things in between, Vermont banks enjoy sponsoring organizations all over our state," says Chris D'Elia, president of the VBA. "It's just another way we stick together as a community," he says.
"The actual work of Vermont banks makes the Vermont community thrive. Commercial banks attract vital new business to the state, generating capital from resources outside the state and bringing new dollars to the lending pool. This new money becomes available for local merchants and residential consumers, helping the Vermont economy grow." |
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click on the image to the left to view a larger version |
"The actual work of Vermont banks makes the Vermont community thrive. " With Vermont Banks, Vermont Prospers |
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