In the wake of the collapse of the Silicon Valley Bank, Watertown Savings’ President and CEO Brett Dean sent out a message to customers saying that the local bank is “safe, secure and insured.”
See the email sent by the bank below:
Dear WSB Customer,
The recent events starting with Silicon Valley Bank and the ensuing market volatility have understandably raised concerns about the banking industry. We would like to take this opportunity to reaffirm that all of your deposits at Watertown Savings Bank, in any amount, are fully insured through both the Federal Deposit Insurance Corporation (FDIC) and Depositors Insurance Fund (DIF) for all deposits above $250,000. This means that you can find comfort and peace of mind knowing that all of your funds are fully protected at WSB.
As a 153 year old community bank, Watertown Savings Bank has had a longstanding commitment to our customers and the communities we serve. As a well-capitalized, mutual savings bank, we do not have shareholders or investors creating pressure for short-term gains. Our customers’ financial security is at the forefront of our actions and mind.
We are here for guidance and to answer any questions you may have. We invite you to contact Customer Support at 617-928-9000.
Thank you for entrusting us with your fully insured deposits and for choosing Watertown Savings Bank for all of your financial needs.
Brett W. Dean