Letter from the President and CEO

March 15, 2023

Dear Valued Customer,

With the recent actions by State and Federal regulators to close Silicon Valley Bank and Signature Bank, we would like to assure you that we are committed to providing you with the highest level of safety and security for your assets. While these are significant events, we believe the issues pertaining to these banks are specific to their business model and client base and not systemic to the banking industry.

Locally owned and operated for our entire 135-year existence, Bennington State Bank (BSB) has consistently provided safety and security to our customers, while maintaining the capital, asset quality, liquidity, interest rate positioning and overall fortress balance sheet strength that allows us to be an industry leader. By living and working alongside you in the communities we serve, the strength of our organization is the bedrock of our approach. We have consistently been recognized as a 5-Star rated bank by Bauer Financial, the nation’s leading independent bank rating firm, making BSB one of America’s strongest and safest financial institutions. Being locally owned we put the needs of Main Street first as you are our priority, not Wall Street.

We understand that you rely on us to safeguard your finances, and we take this responsibility seriously. BSB has and will continue to maintain very strong capital levels that greatly exceed regulatory requirements plus extremely strong levels of reserves to protect our customers. Additionally, our credit philosophy, which has never included participation in cryptocurrency, remains unchanged and time tested.  Our deposit base continues to be well diversified across multiple lines and customer segments. Our team of experienced professionals are dedicated to ensuring that your money is safe and secure.

We understand that you may have questions or concerns about the current situation, and we encourage you to reach out to us if you need any assistance. We are here to help you in any way that we can. Anyone on our team is ready to assist you.

Our ongoing commitment to our customers is to be a strong partner in all times. We are humbled by the trust and confidence you have placed in us. We look forward to serving you for many years to come.

Sincerely,

Darren Gragg
President and CEO
The Bennington State Bank