Statement from our President
Mar 14, 2023
Dear Customers and Community Members,
These past few days have been unsettling for many as the collapse of Silicon Valley Bank and Signature Bank have dominated the financial headlines. Many banking customers throughout the country are probably concerned that these types of failures could happen to their financial institution. Both of these failures were very specific to their type of depositors and investments. While federal and state banking regulators acted quickly to make depositors whole, these banks are not similar to typical community bank models.
Maspeth Federal Savings is a traditional Savings and Loan, in that we maintain a diverse customer base gathered from tens of thousands of hard-working individual local depositors in order to fund lending through mortgages in our community. This approach allows us to make decisions that builds confidence and protects our customers. This model has remained stable for seventy-five years and we’ve been careful to stay true to our mission. We have grown to a very strong capital level – well above what is established by regulators and in the top percentile for banks in the US. This affords you, our members, the strength of investments that are conservative and stable for years to come.
As a federal institution, each depositor is insured by the Federal Deposit Insurance Corporation (FDIC) at least $250,000. For more information about this coverage, please view: FDIC Insurance Coverage or contact a member of our experienced team.
As we had proven through the pandemic, Maspeth Federal Savings provides support to our community during times of distress. Our employees are dedicated to carrying out our duties with the strength of our local knowledge and experience over these past seven decades. We have never ventured into unchartered waters, like cryptocurrency or risky stock market opportunities. Our financial experts continually monitor our investments with guidance from our board of directors and senior management.
Our founders provided us with a mission that has proven successful, and our goal is to remain true to their testament. We shall be here for you, our members, through this unsettling period and look forward to serving you for decades to come.
Thank you for being part of our Maspeth Federal Savings family.
President & Chief Executive Officer