Dear Customers,
The Management Team at Portage Bank wants to assure our Customers and Shareholders that Portage Bank is not, and never will be, exposed to the same existential risks as the recently failed Silicon Valley Bank (SVB). Portage Bank is a traditional Commercial Bank serving consumers, small businesses, and new homeowners. Here is what makes Portage Bank different and more sound as compared to our peers:
- We have zero exposure to any cryptocurrency or venture capital funds;
- Portage Bank holds 10% Capital on its balance sheet and pays no-dividends as all earnings are reinvested back into Bank Capital;
- Portage Bank has a very diversified investment portfolio totaling less than 8% of total assets;
- Portage Bank has a diversified credit portfolio made up of loans to individuals, small businesses, and new home owners totaling 82% of total assets;
- Portage Bank’s deposit portfolio includes a diverse mix of individual, small business and other financial institutions checking accounts, money market accounts, and traditional certificates of deposit;
- Portage Bank is rated 5-Star, the highest rating provided by the Independent Bauer Financial Co.
Portage Bank is a conservative, traditional, and well-capitalized Community Bank that treats our clients’ money as our own. Why? Because the Management Team that runs Portage Bank also owns Portage Bank. Our commitment to our deposit and credit customers is to manage your money as our own and we will not engage in any risky investments or behavior.
If you have any questions, comments, or concerns please contact me at [email protected] or Kevin Johnston, COO at [email protected] or 206.310.8010.
Sincerely,
Matt Moran
President and CEO
