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Strength & Stability
A History of Strength and Stability
To say that it has been a turbulent time in our economy is an understatement; for many, it has been truly scary. News of failings and instability across the financial service industry has created uncertainty and anxiety, and makes each of us question how we are handling our own finances.
In the nearly one hundred and sixty years that Danversbank has been in business, it has weathered a number of financial crises (as early as 1857, and as recently as the 1990s). And we’ve survived them all.
Contrary to recent headlines, not all banks have stopped lending money. In fact, at Danversbank, it’s business as usual. Whether you’re a business owner financing equipment, a non-profit looking to expand your facilities, or a corporation restructuring debt, we will provide the credit you need. If you’re looking to buy your first home, need tuition or college or financing for a new car, we’re still doing that, too.
We’d like to take this opportunity to explain how Danversbank is well-situated to maintain stability in this turbulent economy:
- As a member of both the FDIC and the Depositors Insurance Fund, we have 100% deposit insurance coverage — regardless of account balance. In addition, FDIC coverage for any non-interest bearing account is now unlimited, through December of 2009.
- Our capital reserves are more than adequate; we raised more than $171 million in capital from our depositors in our initial public offering in January of 2008. Capital can be used to both finance new business opportunities, or to cushion losses if the need arises.
- Danversbank has excellent asset quality and liquidity levels.
- We did not participate in subprime mortgage lending.
- We held no Fannie Mae or Freddie Mac preferred stock.
Danversbank is certainly not immune to some of the aftershocks that result from events in the broader financial markets, but we do have considerable financial resources that will help us remain strong and stable. We’ve been doing this since 1850, and we’ll continue to do so, long after 2008 has passed.
We hope you’ll be a part of the Danversbank story. I would be happy to answer any questions or concerns you might have; call me at 978-739-0263 or email me at
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