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Local banks talk stability in face of failures

Mar 22, 2023 12:47 pm

Nancy Kern reports in Columbia-Greene Media checks in with two local banks about what they are doing after two large U.S. banks failures in the past 10 days. Share prices of three of the publicly held community banks of Greene and Columbia counties have dropped, with the Bank of Greene County’s stock value down 12.7 percent, and a 9.7 percent loss at Pioneer Bank, and a 4.2 percent loss at Community Bank. That's somewhat better than some larger banks such as Citigroup and Wells Fargo, where stock values have fallen 8 to 14 percent. Bank of Greene County President Donald Gibson listed some of the differences between his bank and the ones that failed, saying, “They didn’t have a diversified customer base and didn’t have a well-balanced portfolio." Sunmark Credit Union President Frank DeGraw said, “In the days since the news of Silicon Valley Bank’s collapse, we have not seen an outflow of deposits from Sunmark Credit Union.... Our membership is far more diverse and we are structured very differently than the banks that are failing. Our members understand that we are a strong financial institution that has successfully weathered significant market challenges over our 85-plus years and have confidence in their relationships with us.” Read the full story at HudsonValley360.com.

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