In light of recent news in the banking sector, we want to put our customers’ and stakeholders’ minds at ease: At Berkshire, it is business as usual. We remain a strong, safe, and secure steward of our customers’ finances, recognized by Newsweek as one of the top most trustworthy banks in the nation.
We are a well-positioned commercial and retail financial institution led by a seasoned executive team operating a robust risk management framework. We have a resilient deposit base comprised of commercial and personal depositors that reflects the strength of the communities that we serve. We stand ready to assist those affected by these events and are here to help you reach your full potential with our suite of financial solutions and our dedicated teams of relationship managers.
Strong, Safe and Secure: FAQs
How is Berkshire different than the institutions that have been affected?
Berkshire’s financial and business models are different than that of impacted institutions and its customer base is more diversified. As an organization, Berkshire is known for above-industry credit quality, which results from our conservative credit culture. On Jan. 26, in our latest earnings announcement, we shared that have a strong capital position and delivered robust improvement in 2022 across key financial metrics.
Is Berkshire financially strong?
Berkshire Hills Bancorp. Inc., (NYSE: BHLB), the parent company of Berkshire Bank, is a well-positioned commercial and retail financial institution that has been serving its communities for more than 175 years. We have a well-diversified customer base with no exposure in higher-risk activities that impacted the failing banks in the news.
We have a highly stable and diversified deposits franchise with a resilient and granular deposit base comprised of 54% personal depositors and 46% commercial depositors that reflects the strength of the communities we serve. Greater than 60% of our deposits were insured as of Dec. 31, 2022, ranking us in the top ~36% of largest 100 banks. We also have a strong, investment grade deposit ratings from Moody’s (A3) and Kroll (BBB+).
What is FDIC deposit Insurance?
FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution fails. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank and paid for by banks in the system. Deposits are insured up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Click here to learn more about actions taken by the Federal Reserve Board
. For additional FDIC information, visit the FDIC FAQs page online
Is Berkshire an FDIC-insured depository institution?
Yes, it is. Our deposit accounts are insured by the FDIC up to a total of $250,000, with higher coverage amounts available under certain circumstances, depending on account ownership structuring and other factors.
How does Berkshire ensure its customers are protected when they exceed FDIC coverage limits?
Berkshire’s experienced relationship managers stand ready to work with our consumers to protect their resources. We can leverage our own unique capabilities and explore differentiated service offerings and tools, including Treasury bills, diversified brokered bank certificates of deposit each under the FDIC limit, or diversified FDIC-insured brokered bank CDs, ICS & CDARS through IntraFI Network and more based on each client’s unique financial needs.
If you’d like more information on how we can help you protect your finances, please stop by your local financial center
, reach out to your Berkshire Bank relationship manager or contact our customer information center