Publish Date: March 15, 2023
In light of recent national news, we can assure you Fidelity Bank & Trust is financially sound. The recently failed banks ran a much different business model including a concentration of funding from volatile tech startups and crypto-related firms.
This in not common in our area and we pride ourselves on having relationship-based lenders that gather deposits and lend locally. Iowa banks continue to have the best national measures for capital, liquidity and diversified credit quality.
ABOUT FIDELITY BANK & TRUST:
Fidelity Bank & Trust is a state-chartered bank and has two sets of regulators overseeing the operation of the bank: Federal Deposit Insurance Corporation (FDIC) and Iowa Division of Banking. We have bank exams every 18 months to ensure safety and soundness. In addition, we have our own internal audit department ensuring staff is following policy and procedures.
Because Fidelity Bank & Trust is regulated and insured by the FDIC, our customers are FDIC insured up to $250,000.00 per depositor per account ownership category. We have been in operation since 1910, are financially sound, and have grown from year to year. We are well diversified in our investments as well, which also help us be a strong, stable bank. As Your Hometown Bank, we have a long-term commitment to our customers and our financial statements show we are profitable. Throughout history, there have been economic downturns in the industry and Fidelity Bank & Trust has remained strong.
ADDITIONAL RESOURCES:
- FIDELITY BANK & TRUST: ANNUAL DISCLOSURE STATEMENT
Download and review Fidelity Bank & Trust’s most recent financial statement. - FDIC: DEPOSIT INSURANCE
Learn about what deposit insurance is, how it works and if your deposits are insured by the FDIC. - FDIC: COVERAGE CALCULATOR
Enter your account information and follow the steps to determine if all your funds are insured.
View a short video on how FDIC Insurance protects you.
As a seasoned banking professional with extensive expertise in financial institutions and regulatory practices, I can confidently affirm the credibility of Fidelity Bank & Trust based on the information provided in the article dated March 15, 2023.
First and foremost, the article emphasizes Fidelity Bank & Trust's financial soundness, positioning it in stark contrast to recently failed banks. The key differentiator lies in the business models employed by these institutions. Fidelity Bank & Trust prides itself on adopting a more secure approach, steering clear of a concentration of funding from volatile tech startups and crypto-related firms. This strategy reflects a prudent risk management approach, indicating a deep understanding of the potential pitfalls associated with such high-risk ventures.
The article also highlights Fidelity Bank & Trust's commitment to a relationship-based lending model, emphasizing local deposits and lending. This not only signifies a strong connection with the community but also reflects a conservative approach to banking, prioritizing stability and reliability over risky endeavors.
The regulatory framework surrounding Fidelity Bank & Trust further strengthens its credibility. As a state-chartered bank, it is subject to oversight by both the Federal Deposit Insurance Corporation (FDIC) and the Iowa Division of Banking. The fact that the bank undergoes examinations every 18 months to ensure safety and soundness underscores a commitment to transparency and regulatory compliance.
Moreover, the internal audit department mentioned in the article adds an extra layer of assurance. Regular audits ensure that staff adheres to established policies and procedures, further mitigating operational risks. This internal control mechanism reflects a proactive approach to maintaining the integrity of the bank's operations.
The article also touches upon the FDIC insurance coverage, reassuring customers that their deposits are FDIC insured up to $250,000. This is a critical piece of information that not only demonstrates regulatory compliance but also provides peace of mind to depositors, showcasing a commitment to protecting customers' financial interests.
The historical context provided, noting Fidelity Bank & Trust's operation since 1910 and its resilience through economic downturns, serves as additional evidence of its stability and longevity. Financial statements indicating year-over-year growth and profitability further support the bank's robust standing in the industry.
For those seeking more in-depth information, the article directs readers to additional resources, such as Fidelity Bank & Trust's annual disclosure statement. This transparency allows customers and stakeholders to delve deeper into the bank's financial health, fostering trust through openness and accessibility.
In conclusion, Fidelity Bank & Trust's multifaceted approach to financial stability, regulatory compliance, and transparent communication positions it as a reliable and secure institution in the banking landscape.
