An Important Message from Denise Portmann, CEO

To Our Valued Customers:

We know many of you are following the news regarding Silicon Valley Bank in California and Signature Bank in New York, and the concurrent response from federal and state regulators, including the decision late Sunday by the joint agencies to protect all of the depositors in both of these institutions from loss.

While we cannot comment on the specific challenges at these institutions, we wanted to assure you that our risk practices and industry exposures are in stark contrast to these two institutions. These two institutions were specialty banks with unique circumstances not common to the traditional community bank model.

We are a community bank focusing on small to mid-size businesses and diverse industries within the communities we serve. We have always prioritized safety and soundness, profitability, and growth in that order.

Our risk management processes have resulted in strong capital and liquidity positions, which will allow us to continue to serve our current and prospective customers. We take pride in our relationship based business model. After all, we live in your community too and your success is our success.

For those customers who have questions about FDIC insurance coverage, we are ready and prepared to assist you in ensuring your deposit needs are met. You may also find resources on the FDIC’s website at fdic.gov regarding deposit insurance.

We will remain vigilant as your community partner to changing market conditions and economic developments. Please do not hesitate to reach out to us should you have any questions.
Sincerely,

Denise Portmann
President & CEO, Bank of the Pacific