Given the news regarding the recent bank failures in California and New York, I suspect many of you have some concerns and are asking questions about what is happening. According to media sources, these two banks were large financial institutions who had engaged in high-risk business segments and encountered fundamental funding challenges that they were not able to manage through, forcing regulators to step in and take over. This news will undoubtedly cause customers of any bank to question the security of their deposits.
Please be assured that 1st Summit Bank is a strong, community-based financial institution who is federally insured. We are well capitalized with good liquidity and our market is relatively stable. We lend to customers who live and do business largely in our five-county footprint of Cambria, Somerset, Blair, Westmoreland, and Indiana counties. The money you have deposited here at 1st Summit Bank is safe. Over the course of the last 99 years, we’ve encountered much financial and economic unrest, not to mention the pandemic we recently navigated through and, quite frankly, we’ve always emerged stronger after these events.
1st Summit Bank has served our communities for nearly a century, and we are committed to be here for your future. If you have any concerns at all, or if you’d like to simply talk to a professional about your financial situation, please do not hesitate to call your personal banker or anyone at our local, community offices. Our experience and commitment to our customers and our communities truly makes the difference here at 1st Summit Bank.
Sincerely,
Eric Renner
President & CEO
