A Message from the Bank’s President and Chief Executive Officer Gilda M. Nogueira:
The events that have transpired in recent days involving Silicon Valley Bank and Signature Bank have raised questions about the safety of customers’ bank deposits. I am writing to you today to assure and remind you that at East Cambridge Savings Bank, all deposits are insured in full through a combination of the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
The DIF is a private insurance fund supported by Massachusetts banks. Because the Bank has both FDIC and DIF insurance, every dollar a customer has on deposit, including balances above $250,000, is insured in full. As the DIF website states, “no depositor has lost a penny in a bank insured by both the FDIC and DIF.” Our customers can have additional peace of mind knowing that their entire balance is safe, secure, and insured. You can learn more about FDIC coverage here, and more about DIF coverage here.
It is also important to note that East Cambridge Savings Bank’s capital and liquidity positions are strong, secure, and diversified and the Bank continues to operate from a position of financial strength, safety, and stability.
If you have any questions or concerns, please do not hesitate to call us, email us, or visit a banking center.
Gilda M. Nogueira
President and Chief Executive Officer