March 17, 2023
To Our Valued Clients,
We at CFG Bank have been watching the events with the recent FDIC closures of Silicon Valley Bank and Signature Bank over the past few days. We want to take a moment to assure our clients and community that CFG Bank remains in a strong liquidity position and is operating normally. CFG Bank is well positioned to withstand market changes and to continue to succeed.
- CFG has a strong liquidity position and diverse funding base. 80% of CFG Bank’s liquidity position is held in cash with the balance held in highly liquid government backed securities.
- CFG has strong earnings supported by a robust net interest margin and strong sources of non-interest income.
- We are pleased to offer our Insured Cash Sweep (ICS) program for expanded deposit insurance offerings insuring deposit balances beyond the standard $250,000 FDIC insurance limit.
It is important to note that Silicon Valley Bank and Signature Bank had concentrations in tech venture capital start up deposits and crypto deposits, respectively. We can confidently tell you that CFG Bank does not have exposure or involvement in these sectors. We remain rooted in serving our core customers.
We welcome any inquiries about CFG Bank and our operating principles. If you would like to learn more about our financial performance, please visit our website at https://www.cfg.bank/about/financial-information/. You can also reach out to us with specific questions or for ICS information by emailing firstname.lastname@example.org.
Based on our strong track record and commitment to providing personalized service, you can feel confident if you are either a current CFG Bank client or are seeking a new financial institution for your deposits that we will handle your deposits and business with the highest level of care and attention.
William C. Wiedel, Jr.
President and Chief Executive Officer