Practicing Safe Banking

Zanesville, OH-

The Silicon Valley Bank collapse is an important reminder to make sure to practice safe banking and that your bank is the right fit for you. 

If you are looking for a new bank or have concerns about where you bank with now, it is important to ask the right questions and seek the correct information to know where you’re putting your money.  

“You can go to any private or any public bank, you can go to their investor website and look at their financials and see how they are doing. That’s public information. There’s all kinds of government websites that you can go on to, and you can ask your banker on how to navigate through those things. If you really want to kick the tires and look a little deeper into it, ask them what their risk appetite is, and some people may call it speciality areas,” executive vice president of the Peoples Bank, Rich Vaughan, stated.

You can also check to see what your bank focuses on such as crypto or new technology. Seek out what their loan to deposits are. You can ask what their deposit mix is, which is how many accounts with over two hundred and fifty thousand dollars they have. A bank failing is not that uncommon in the United States. 

“If you go back in the history of the country, there’s not many years that there hasn’t been a bank failure or a couple bank failures that’s taken place. You always have to pay attention to the risk model of where you’re putting your money. It’s our job to protect your money, but there’s like 4,500 banks out there in the United States.If one, two, or three of them fail, percentage wise, it’s not that great. Most banks are run very conservatively and are good stewards of people’s money,” said Vaughan.  

The goal of the Peoples Bank is to be the best community bank in America. They have been around 120 years, and they plan to be here another 120 years. There is a branch here in Zanesville at 3108 Maple Ave.