On Silicon Valley Bank, financial sector concerns, and Broadway's legacy of stability…
Much of the news today has been dedicated to the failure of Silicon Valley Bank, and while this situation is drastically different from the beginnings of the 2008 banking crisis, we realize you may have questions and we’re always here to be a resource.
First, our Wealth Management clients can rest assured we have no direct exposure to Silicon Valley Bank in any client portfolios. As the story unfolds, the S&P 500 is about 1.5% lower today with the financial sector down only slightly more. Financial markets are not pricing in a broader problem as of this update. Silicon Valley Bank had a much more concentrated exposure than any bank we would consider investing in for our clients because of the risk that brings.
Traditional community banks, like our parent company Broadway Bank, have a steadier base of deposits and more diversified funding sources and avoid too heavy of a reliance on a single industry. Broadway Bank's focus is Texas-based commercial and residential real estate, and business and consumer lending, to best serve friends and neighbors. That assists with the three advantages Broadway has: 1) a conservative loan-to-deposit ratio 2) the ability to raise deposits, and 3) an incredibly loyal customer base.
Broadway Bank has always been relied on to provide both safety and financial stability to its customers. Why? Customer safety and satisfaction have always been our priorities. And for us, this will always be true.
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