The recent news of bank failures has many people wondering if their money is safe. Here to answer that question is Jim Tubbs, the CEO of Lake Ridge Bank.
MADISON (WKOW) -- The recent news of bank failures has many people wondering if their money is safe. Money Keep Box
The CEO of Lake Ridge Bank, Jim Tubbs, stopped by 27 News at 4 to explain what to look for to make sure your bank is thriving and your money is fully protected.
Lake Ridge Bank is an independent community bank created from the merger between Monona Bank and State Bank of Cross Plains.
Tubbs says people here in Wisconsin really don’t need to worry if they are banking locally. There are a lot of regulations in place to help reduce risk by limiting what a bank can do with your money.
He says you should make sure your bank is FDIC insured. The FDIC insures deposits up to $250,000 per depositor, and in the recent bank failures, they chose to cover deposits beyond that $250,000 mark as well.
Also, look into how long your bank has been around. A history of wise asset management only adds to your confidence that your bank knows what it’s doing.
Tubbs also says to consider what type of bank it is. A community bank like Lake Ridge Bank also focuses on building and reinvesting in the local area.
Finally, he says to make sure your bank maintains enough capital. The failed banks were growing incredibly fast and leveraging their funds to support that growth.
Tubbs says you can learn more about community banks at wisbank.com. You can also learn about the FDIC by going to fdic.gov/resources/deposit-insurance/.
Wall Mounted Key Safe Box Email notifications are only sent once a day, and only if there are new matching items.