Addressing Recent Bank Closures

Published Wednesday, March 15, 2023

Addressing Recent Bank Closures

To our valued customers,

As many of you know, Silicon Valley Bank (SVB) and Signature Bank, were closed by the FDIC in recent days. SVB, a California bank, focused on working with financial technology companies and venture capitalists. Signature Bank, a New York bank, was engaged with cryptocurrency. In addition to concentrated customer bases, these banks also took imprudent interest rate risks.

I want to assure you that Midwest Heritage is stable and secure. Midwest Heritage is well-capitalized and we have a strong liquidity position. We go to great lengths to keep our portfolio of assets and liabilities balanced to avoid concentrations in any one sector or industry. Our strong capital base and prudent risk management practices have protected against potential risks.

During times of uncertainty, fraudsters will take advantage of the situation. As always, it is important to protect yourself and your confidential information.

  • Never give out personal information over the telephone, such as your social security number, date of birth, mother’s maiden name, credit card number, bank account numbers or bank PIN code.
  • Midwest Heritage will never request that you submit confidential information over non-secure channels such as e-mail and phone.
  • Keep your social security number, earnings and benefit statements, birth certificate and other personal identification in a safe place.
  • Memorize your social security number and all passwords. Do not record them on any cards or anything in your wallet or purse.
  • Avoid easy-to-figure-out access and personal ID (PIN) codes.
  • Never respond to unsolicited requests for your social security number or financial data

We are grateful for your trust in us and we remain committed to keeping your deposits and investments safe. If you have any questions or concerns, please don’t hesitate to reach out to our team.

Thank you for choosing Midwest Heritage!

Tony Kaska
Chairman, CEO & President

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