Dear Woodforest Customers,

It’s been a crazy week in the banking world. On Friday, we saw the failure of Silicon Valley Bank followed by the failure of Signature Bank on Sunday. In response, the Federal Reserve stepped in with a new banking loan program, and the FDIC stepped up to guarantee all deposits. Unfortunately, in the minds of many Americans, confidence in the Banking industry was dealt a blow. In the real-time media world we live in today, isolated incidents can be made to appear as a pandemic. These two banks were unique, and their failures do not indicate severe problems in the banking industry. Banks across the country remain well-capitalized and financially strong, and Woodforest stands among the best.

Woodforest National Bank’s Board and Executive Leadership want you to know that safety, soundness, and prudent risk management remain our top priorities. We also want to share a few additional facts about Woodforest that set us apart:

• Woodforest has solid earnings and maintains a strong balance sheet and ample liquidity.
• We have over 1.5 million customers and the majority of our accounts are household operating accounts. In contrast, Silicon Valley Bank, in particular, was much more susceptible to the risk of deposit outflows because its account balances were so large. Both failed banks had high concentrations of deposits from clients in the technology and cryptocurrency industries.
• As a traditional bank, we are FDIC-insured and deposit accounts are insured up to the $250,000 FDIC limit based on account ownership. For more information on the FDIC insurance limits and the calculation method used for various account types, visit https://edie.fdic.gov.
• For customers with deposits in excess of $250,000, we offer deposit placement services through IntraFi ^® to provide FDIC insurance for all your funds. By utilizing these services, your deposits can be 100% FDIC insured.
  • With IntraFi^® services, deposits are placed at IntraFi^® network banks in amounts that, at any one bank, do not exceed the FDIC’s standard maximum deposit insurance amount of $250,000. As a result, these deposits are eligible for FDIC insurance. In the FDIC’s nine decades of operation, no one has ever lost a penny of an FDIC-insured deposit.
  • For more information on Woodforest’s deposit placement services, contact us at cmbcmsales@woodforest.com.

For over forty years, Woodforest National Bank has guarded your deposits and investments with the utmost care. We stand strong, secure, and ready to serve your needs. We are honored that you choose to bank with us, and we are proud to be your community bank.