William J. Penney
President, CEO of Marine Bank & Trust

Bill Penney
President & CEO

The banking industry has been in the news recently which has resulted in clients inquiring about the safety of their money. Thank you for asking – as I’m always happy to discuss events in the industry nationally, and closer to home.  

Let’s start with the facts. There are over 4,000 commercial banks in the United States today. The three that were closed ultimately failed because of poor management and the excessive risks that were taken without proper risk controls. When it was clear there were issues, the FDIC quickly stepped in to close the banks and transfer deposits and loans to other banks.      

The system worked  as it was designed to do – no customers lost a dime. The new banks were happy to obtain new customers and no depositor or borrower was left in jeopardy.  

Will we see other banks close? Maybe, but one thing we can count on is the system will work. The customer deposits will be transferred to a new bank, and life goes on.  

As a financial services professional and business leader, I believe the old adage is true: the only thing to fear is fear itself. So, ask questions. Get the answers from those who know, and understand how to take steps to ensure your money is safe and protected. In its 89-year history of the FDIC no bank customer has ever lost a penny of their insured deposits. And as recent example has shown, the systems works to quickly find a new home for all deposits.  

Please know that your deposits with Marine Bank are insured by the FDIC up to $250,000 in eight separate account categories. In addition, we have programs that provide FDIC insurance on your deposits up to $40 million. So, if questions come up for you, please don’t hesitate to bring them to us. We are more than happy to help.  

Thank you for your continued trust and confidence in us. We know it is earned, and we honor that.


Bill Penney Signature