Your Deposits are Safe at WGSB

With the recent news about the bank failures in California and New York, it’s only natural to wonder if the same thing could happen at your own bank and if your deposits are safe. Here at WGSB, we want to let our customers know that their bank and their deposits are safe and secure.

Woodsville Guaranty Savings Bank is a well-capitalized community bank with a 134-year history of service to its community. With $663 Million in assets, our deposit base is made up of checking and savings accounts belonging to local people and businesses, and our lending and investment portfolio is well-diversified. We are in a strong position to continue to serve our customers and community for generations to come.

Silicon Valley Bank (SVB) had $209 Billion in assets and a business model tailored to high risk venture capital funded start-up tech and medical research firms. Signature Bank had $110 Billion in assets and a business model focused on crypto currency clients, causing them significant struggles since the recent failure of many crypto companies. Both banks had a very high percent of deposits that were uninsured by the FDIC, subjecting them to a liquidity shortfall.

As a community bank, we have a great deal of respect for the role we play in the financial health of the communities we serve. We also believe in a relationship-based business model that puts our customers’ trust first and foremost. We live in your community too and we know that your success is our success.

As a community bank customer, you have access to our experienced team, and we stand ready to assist you at any time. Please contact us with any questions or concerns by calling 800-564-2735.

Thank you for your continued trust.

James E. Graham
President & CEO

James Graham