Update on Recent Banking Industry News
Itasca Bank & Trust Co. is closely monitoring the recent developments with the failure of Silicon Valley Bank and Signature Bank. We are pleased the Federal Reserve Bank has taken steps to fully guarantee depositors and defuse the situation.
We realize our depositors may have concerns or questions. We are a resource for you on FDIC insurance limits and other options for getting more insurance through alternative products.
Please be extra aware that fraudsters like to take advantage of times when there is uncertainty in the world. Businesses especially need to be extra careful in email usage. Always be careful before clicking on a link or an attachment in an email. Some common tactics to commit fraud include emails that:
- Try to scare you into an account being frozen or funds needing to be transferred immediately, and
- Tell you to re-direct a past payment or wire funds to a new location.
You should independently verify requests such as these before conducting any such transactions.
Itasca Bank & Trust Co. is a local community bank, our depositors are individuals and small businesses that are a part of the diverse economy of the Chicago area. We are not concentrated on any specific industry, venture capital funding or the technology industry. We do not have any products related to the cryptocurrency market. We are a conservatively run bank with the mission of helping our communities and protecting our depositors. We are celebrating our 75th Anniversary this year and continue to run the bank with a long-term perspective.